<SEC-DOCUMENT>0001095073-21-000029.txt : 20210916
<SEC-HEADER>0001095073-21-000029.hdr.sgml : 20210916
<ACCEPTANCE-DATETIME>20210916171911
ACCESSION NUMBER:		0001095073-21-000029
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		23
FILED AS OF DATE:		20210916
DATE AS OF CHANGE:		20210916
EFFECTIVENESS DATE:		20210916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EVEREST RE GROUP LTD
		CENTRAL INDEX KEY:			0001095073
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				980365432
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259589
		FILM NUMBER:		211258663

	BUSINESS ADDRESS:	
		STREET 1:		SEON PLACE, 4TH FLOOR
		STREET 2:		141 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 19
		BUSINESS PHONE:		4412950006

	MAIL ADDRESS:	
		STREET 1:		C/O REINSURANCE HOLDINGS INC
		STREET 2:		477 MARTINSVILLE RD PO BOX 830
		CITY:			LIBERTY CORNER
		STATE:			NJ
		ZIP:			07938

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EVEREST REINSURANCE GROUP LTD
		DATE OF NAME CHANGE:	19990915

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EVEREST RE CAPITAL TRUST III
		CENTRAL INDEX KEY:			0001248386
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259589-01
		FILM NUMBER:		211258664

	BUSINESS ADDRESS:	
		STREET 1:		477 MARTINSVILLE ROAD
		STREET 2:		WESTGATE CORPORATE CENTER
		CITY:			LIBERTY CORNER
		STATE:			NJ
		ZIP:			07938
		BUSINESS PHONE:		9086043000

	MAIL ADDRESS:	
		STREET 1:		477 MARTINSVILLE ROAD
		STREET 2:		WESTGATE CORPORATE CENTER
		CITY:			LIBERTY CORNER
		STATE:			NJ
		ZIP:			07938

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EVEREST REINSURANCE HOLDINGS INC
		CENTRAL INDEX KEY:			0000914748
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				223263609
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259589-02
		FILM NUMBER:		211258665

	BUSINESS ADDRESS:	
		STREET 1:		477 MARTINSVILLE RD
		STREET 2:		PO BOX 830
		CITY:			LIBERTY CORNER
		STATE:			NJ
		ZIP:			07938
		BUSINESS PHONE:		9086043000

	MAIL ADDRESS:	
		STREET 1:		477 MARTINSVILLE RD
		STREET 2:		PO BOX 830
		CITY:			LIBERTY CORNER
		STATE:			NJ
		ZIP:			07938

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRUDENTIAL REINSURANCE HOLDINGS INC
		DATE OF NAME CHANGE:	19931115
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>s32021.htm
<DESCRIPTION>S-3 2021
<TEXT>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><a name="RG_MARKER_8275"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">As filed with the Securities
and Exchange <a name="RG_MARKER_8275_bclEnd"></a><a name="RG_MARKER_8295_bclEnd"></a>Commission
on September 16, 2021</font></b></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Registration No. 333-</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:16.0pt;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Washington, D.C. 20549</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:7.0pt;">___________________________________________</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:16.0pt;">FORM
S-3</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">REGISTRATION STATEMENT</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">UNDER</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">THE SECURITIES ACT OF 1933</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:7.0pt;">_______________________________________</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:16.0pt;">EVEREST
RE GROUP, LTD.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(Exact name of registrant as
specified in its charter)</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="height:22.5pt;page-break-inside:avoid;">
  <td valign="top" width="50%" style="height:22.5pt;padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Bermuda</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(State or other jurisdiction of
  incorporation)</font></b></p>
  </td>
 <td valign="top" width="50%" style="height:22.5pt;padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">98-0365432</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(I.R.S. Employer Identification No.)</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="bottom" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Seon Place - 4</font></b><b><font face="Times New Roman,serif" style="font-size:7.5pt;">th&nbsp;</font></b><b><font face="Times New Roman,serif" style="font-size:9.0pt;"> Floor</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">141 Front Street</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">P.O. Box HM 845</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Hamilton, HM 19, Bermuda</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(441) 295-0006</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Juan C. Andrade</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Global Services, Inc.</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">100 Everest Way</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Warren, New Jersey 07059</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(908) 604-3000</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Address, including zip code, and
  telephone number, including area code,</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">of Registrant&#8217;s principal executive
  offices)</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Name, address, including zip code,
  and telephone number, including</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">area code, of agent for service)</font></b></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:7.0pt;">_______________________________________</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:17.0pt;">EVEREST
REINSURANCE HOLDINGS, INC.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(Exact name of registrant as
specified in its charter)</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Delaware</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">22-3263609</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(State or other jurisdiction of
  incorporation)</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(I.R.S. Employer Identification No.)</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="bottom" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">100 Everest Way</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Warren, New Jersey 07059</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(908) 604-3000</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Juan C. Andrade</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">100 Everest Way</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Warren, New Jersey 07059</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(908) 604-3000</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Address, including zip code, and
  telephone number, including area code,</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">of Registrant&#8217;s principal executive
  offices)</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Name, address, including zip code,
  and telephone number, including</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">area code, of agent for service)</font></b></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:7.0pt;">_______________________________________</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:17.0pt;">EVEREST
RE CAPITAL TRUST III</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(Exact name of registrant as
specified in its charter)</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Delaware</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">83-6054672</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(State or other jurisdiction of
  incorporation)</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(I.R.S. Employer Identification No.)</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">c/o Everest Reinsurance Holdings,
  Inc.</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">100 Everest Way</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Warren, New Jersey 07059</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(908) 604-3000</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Juan C. Andrade</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">100 Everest Way</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Warren, New Jersey 07059</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(908) 604-3000</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Address, including zip code, and
  telephone number, including area code,</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">of Registrant&#8217;s principal executive
  offices)</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Name, address, including zip code,
  and telephone number, including</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">area code, of agent for service)</font></b></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:7.0pt;">_______________________________________</font></b></p>


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<p style="margin:0in;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


</div>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><i><font face="Times New Roman,serif" style="font-size:9.0pt;">Copies to:</font></i></b></p>
  </td>
 <td width="50%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">John P. Berkery, Esq.</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Lawrence R. Hamilton, Esq.</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Mayer Brown LLP</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">71 South Wacker Drive</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Chicago, Illinois 60606-4637</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(312) 782-0600</font></b></p>
  </td>
 <td valign="top" width="50%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">&nbsp;</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Sanjoy Mukherjee, Esq.</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Reinsurance Holdings, Inc.</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">100 Everest Way</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Warren, New Jersey 07059</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(908) 604-3000</font></b></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:7.0pt;">_______________________________________</font></b></p>

<p style="margin:0in;margin-top:10.0pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">Approximate
date of commencement of proposed sale to the public: From time to time after
this Registration Statement becomes effective.</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If the only
securities being registered on this form are being offered pursuant to dividend
or interest reinvestment plans, please check the following box. </font></b><b><font face="Segoe UI Symbol,sans-serif" lang="EN-US" style="font-size:9.0pt;">&#9744;&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If any of the
securities being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other
than securities offered only in connection with dividend or interest
reinvestment plans, check the following box.</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;"> </font><font face="Segoe UI Symbol,sans-serif" lang="EN-US" style="font-size:9.0pt;">&#9746;&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If this form
is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. </font></b><b><font face="Segoe UI Symbol,sans-serif" lang="EN-US" style="font-size:9.0pt;">&#9744;&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If this form
is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. </font></b><b><font face="Segoe UI Symbol,sans-serif" lang="EN-US" style="font-size:9.0pt;">&#9744;&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If this Form
is a registration statement pursuant to General Instruction I.D. or a post-effective
amendment thereto that shall become effective upon the filing with the
Commission pursuant to Rule 462(e) under the Securities Act, check the
following box. </font></b><b><font face="Segoe UI Symbol,sans-serif" lang="EN-US" style="font-size:9.0pt;">&#9744;&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If this Form
is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional
classes of securities pursuant to Rule 413(b) under the Securities Act, check
the following box. </font></b><b><font face="Segoe UI Symbol,sans-serif" lang="EN-US" style="font-size:9.0pt;">&#9744;&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">Indicate by
check mark whether the registrant (Everest Re Group, Ltd.) is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company.&#160; See the definitions of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer&#8221;, &#8220;smaller reporting company&#8221; and
&#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.&#160; (Check one):</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="45%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Large accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9746;</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td width="45%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Non-accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Smaller reporting company</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan="2" width="51%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Do not check if smaller reporting company)</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Emerging growth company</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided
pursuant to Section 7(a)(2)(B) of Securities Act.</font></b><b><font lang="EN-US" style="font-size:9.0pt;"> &#9744; </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">Indicate by
check mark whether the registrant (Everest Reinsurance Holdings, Inc.) is a
large accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company or an emerging growth company.&#160; See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;, &#8220;smaller reporting company&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">of the Exchange Act.&#160; (Check one):</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="45%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Large accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;margin-left:8.0pt;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;margin-left:1.0pt;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td width="45%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Non-accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">&#160;</font></b><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9746;&nbsp;</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Smaller reporting company</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;margin-left:1.0pt;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan="2" width="51%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Do not check if smaller reporting company)</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Emerging growth company</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;margin-left:2.0pt;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If an emerging
growth company, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.
</font></b><b><font face="Segoe UI Symbol,sans-serif" lang="EN-US" style="font-size:9.0pt;">&#9744;&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">Indicate by
check mark whether the registrant (Everest Re Capital Trust III) is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company.&#160; See the definitions </font></b><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
<div bclfooter="">


<p style="margin:0in;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin:0in;tab-stops:center 3.25in right 6.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;,
&#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the
Exchange Act.&#160; (Check one):</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="45%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Large accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;margin-left:8.0pt;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td width="45%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Non-accelerated filer</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">&#160;</font></b><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9746;&nbsp;</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Smaller reporting company</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan="2" width="51%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">(Do not check if smaller reporting company)</font></b></p>
  </td>
 <td valign="top" width="6%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td width="37%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Emerging growth company</font></b></p>
  </td>
 <td width="6%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Segoe UI Symbol,sans-serif" style="font-size:9.0pt;">&#9744;</font></b></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">If an emerging
growth company, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of Securities Act.</font></b><b><font lang="EN-US" style="font-size:9.0pt;"> &#9744; </font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Title of Each Class of</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Securities to be Registered</font></b></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Amount to be registered/</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Proposed maximum</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">aggregate offering</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">price per unit/</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Proposed maximum</font></b></p>
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">offering price</font></b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font face="Times New Roman,serif" style="font-size:9.0pt;">(1)</font></sup></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:9.0pt;">Amount of<br>
  registration fee</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;margin-left:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-12.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Re
  Group, Ltd. Common Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Re Group, Ltd. Preferred Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Re Group, Ltd. Debt Securities</font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Reinsurance Holdings, Inc. Debt Securities</font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Re Group, Ltd. Warrants</font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Re Group, Ltd. Share Purchase Contracts</font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Re Group, Ltd. Share Purchase Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Everest Re Capital Trust III Preferred Securities</font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Guarantees of Everest Reinsurance Holdings, Inc. Debt
  Securities<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">
  <p style="margin:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Guarantees of Preferred Securities of Everest Re
  Capital Trust III<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 <td valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in .4pt 0in;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 1.5pt 0in;">
  <p style="margin:0in;margin-left:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-12.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;">Total</font></p>
  </td>
 <td valign="bottom" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 1.5pt 0in;">&nbsp;</td>
 <td valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 1.5pt 0in;">
  <p align="center" style="margin:0in;margin-left:29.45pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:9.0pt;">$0<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">(1)&#160;&#160; An
indeterminate aggregate initial offering price or number of the securities of
each identified class is being registered as may from time to time be offered
at indeterminate prices. Separate consideration may or may not be received for
securities that are issuable on exercise, conversion or exchange of other
securities or that are issued in units or represented by depositary shares.</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">(2)&#160;&#160; Also
includes such presently indeterminate number of common shares as may be issued
by Everest Re Group, Ltd. (a) upon conversion of or exchange for any debt
securities or preferred shares that provide for conversion or exchange into
common shares, (b) upon exercise of warrants to purchase common shares or (c)
pursuant to share purchase contracts.</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">(3)&#160;&#160; Also
includes such presently indeterminate number of preferred shares as may be
issued by Everest Re Group, Ltd. (a) upon conversion of or exchange for any
debt securities that provide for conversion or exchange into preferred shares,
(b) upon exercise of warrants to purchase preferred shares or (c) pursuant to
share purchase contracts.</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">(4)&#160;&#160; Each share
purchase unit consists of (a) a share purchase contract under which the holder,
upon settlement, will purchase or sell an indeterminate number of common shares
or preferred shares and (b) common shares, preferred shares, debt securities,
trust preferred securities, other share purchase contracts or debt obligations
of third parties securing the holder&#8217;s obligation to purchase or sell the
securities subject to the share purchase contract.&#160; No separate consideration
will be received for the share purchase contract or the related pledged
securities.</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">(5)&#160;&#160; The
guarantees include the rights of holders of preferred securities under
guarantees of Everest Re Group, Ltd. and Everest Reinsurance Holdings, Inc., a
debt securities guarantee of Everest Re Group, Ltd. and the obligations of
Everest Reinsurance Holdings, Inc. under a junior subordinated indenture, any
supplemental indentures thereto, the trust agreement, as amended, and the
expense agreement to be responsible for specified costs, expenses, debt and
liabilities of Everest Re Capital Trust III, all as described in this
Registration Statement.&#160; No separate consideration will be received for any of
these guarantees.</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">(6)&#160;&#160; In
accordance with Rules 456(b) and 457(r), the registrants are deferring payment
of the entire registration fee.</font></p>

<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>











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</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">PROSPECTUS</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:16.0pt;">EVEREST
RE GROUP, LTD.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Common Shares, Preferred Shares,
Debt Securities,</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Warrants to Purchase Common or
Preferred Shares or Debt Securities,</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Share Purchase Contracts and Share
Purchase Units</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:16.0pt;">EVEREST
REINSURANCE HOLDINGS, INC.</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Debt Securities</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:16.0pt;">EVEREST
RE CAPITAL TRUST III</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Preferred Securities</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">_________________________________</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">We may offer and sell from time to time
securities in one or more offerings.&#160; This prospectus provides you with a
general description of the securities we may offer.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group may offer and sell the following
securities:</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">common shares;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">preferred shares;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">senior or subordinated debt securities, which may be convertible
into common or preferred shares;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">warrants to purchase common shares, preferred shares or debt
securities; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">share purchase contracts and share purchase units.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings may offer and sell senior or
subordinated debt securities, which may be convertible into Everest Group
common or preferred shares and which may be guaranteed by Everest Group.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Capital Trust may offer and sell
investment grade preferred securities, which will be guaranteed by Everest
Holdings and which may be guaranteed by Everest Group.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each time that securities are sold using this
prospectus, we will provide a supplement to this prospectus that contains
specific information about the offering.&#160; The supplement may also add to or
update information contained in this prospectus.&#160; You should read this
prospectus and the supplement carefully before you invest.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The securities may be offered and sold to or
through one or more underwriters, dealers or agents or directly to purchasers
on a continuous or delayed basis. &#160;The supplements to this prospectus will
provide the specific terms of the plan of distribution.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The securities offered by this prospectus
involve a high degree of risk.&#160; See &#8220;Risk Factors&#8221; contained in any applicable
prospectus supplement or other document filed with the SEC that is incorporated
by reference in this prospectus for a discussion of certain factors that you
should consider before buying the securities.</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s common shares are listed on the
New York Stock Exchange under the symbol &#8220;RE.&#8221; If we decide to list any other
of these securities on a national securities exchange upon issuance, the
applicable supplement to this prospectus will identify the exchange and the
date when we expect trading to begin.</font></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">__________________________________________________</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Neither the Securities and Exchange
Commission nor any state securities commission or other regulatory body has
approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus.&#160; Any representation to the contrary is a criminal
offense.</font></b></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The date
of this prospectus is September 16, 2021.</font></p>

<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>









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<p align="center" style="margin:0in;margin-top:10.0pt;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">TABLE OF CONTENTS</font></b></p>

<p align="center" style="margin:0in;margin-top:10.0pt;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000019"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">ABOUT THIS PROSPECTUS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">..................................................................................................................................................... 1</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000020"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">............................................................ 1</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000021"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST RE GROUP, LTD.</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">...................................................................................................................................................... 2</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000022"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST REINSURANCE HOLDINGS, INC.</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">...................................................................................................................... 3</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000023"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST RE CAPITAL TRUST III</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">.......................................................................................................................................... 3</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000024"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">USE OF PROCEEDS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">..................................................................................................................................................................... 5</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000025"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF EVEREST GROUP&#8217;S SHARE
CAPITAL</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">............................................................................................. 6</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000026"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE DEBT SECURITIES</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">...................................................................................................................... 10</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000027"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE WARRANTS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">................................................................................................................................... 22</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000028"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE SHARE PURCHASE
CONTRACTS AND SHARE PURCHASE UNITS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">........................ 24</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000029"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE TRUST PREFERRED
SECURITIES</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">......................................................................................... 25</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000030"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE TRUST PREFERRED
SECURITIES GUARANTEES</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">.......................................................... 32</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000031"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">RELATIONSHIP OF THE TRUST PREFERRED
SECURITIES, THE PREFERRED SECURITIES GUARANTEES AND THE DEBT SECURITIES HELD BY
EVEREST CAPITAL TRUST</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">........................................................................................ 35</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000032"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EXPERTS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">....................................................................................................................................................................................... 36</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000033"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">LEGAL MATTERS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">...................................................................................................................................................................... 36</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000034"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">ENFORCEMENT OF CIVIL LIABILITIES</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">........................................................................................................................... 36</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000035"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">WHERE YOU CAN FIND MORE INFORMATION</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">........................................................................................................... 37</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000036"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">PART II</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">........................................................................................................................................................................................... 39</font></a></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#_Toc256000037"><u><font color="blue" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">INFORMATION NOT REQUIRED IN
PROSPECTUS</font></u><font color="windowtext" face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;text-decoration:none;">....................................................................................................... 39</font></a></p>










<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000019"></a><a name="RG_MARKER_8296"></a><a name="_Toc82494792"></a></p></div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_6"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">ABOUT
THIS PROSPECTUS<a name="RG_MARKER_8296_bclEnd"></a></font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">You should rely
only on the information contained or incorporated by reference in this
prospectus.&#160; &#8220;Incorporated by reference&#8221; means that we can disclose important
information to you by referring you to another document filed separately with
the SEC.&#160; We have not authorized any other person to provide you with different
information.&#160; If anyone provides you with different or inconsistent
information, you should not rely on it.&#160; We are not making, nor will we make,
an offer to sell securities in any jurisdiction where the offer or sale is not
permitted.&#160; You should assume that the information appearing in this prospectus
and any supplement to this prospectus is current only as of the dates on their
covers.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless the context
otherwise requires, references in this prospectus to &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer
to Everest Re Group, Ltd. and its subsidiaries, collectively.&#160; References to
&#8220;Everest Group&#8221; refer to Everest Re Group, Ltd.&#160; References to &#8220;Everest
Holdings&#8221; refer to Everest Reinsurance Holdings, Inc.&#160; References to &#8220;Everest
Bermuda&#8221; refer to Everest Reinsurance (Bermuda), Ltd.&#160; References to &#8220;Everest
Capital Trust&#8221; refer to Everest Re Capital Trust III.&#160; References to the
&#8220;common shares&#8221; refer to Everest Group&#8217;s common shares, par value $0.01 per
share.&#160; References to &#8220;$&#8221; are to United States currency, and the terms &#8220;United
States&#8221; and &#8220;U.S.&#8221; mean the United States of America, its states, its
territories, its possessions and all areas subject to its jurisdiction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">IF SECURITIES
OFFERED HEREBY ARE SOLD BY MEANS OF A FIRM COMMITMENT UNDERWRITING, CERTAIN
PERSONS PARTICIPATING IN THE OFFERING MAY ENGAGE IN TRANSACTIONS THAT
STABILIZE, MAINTAIN OR OTHERWISE AFFECT THE PRICE OF THE SECURITIES, INCLUDING
OVER-ALLOTMENT, STABILIZING AND SHORT-COVERING TRANSACTIONS IN THE SECURITIES
AND THE IMPOSITION OF A PENALTY BID, IN CONNECTION WITH THE OFFERING MADE
HEREBY.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Pursuant to the
Companies Act 1981 of Bermuda, there is no requirement to file this prospectus
or any prospectus supplement made pursuant hereto with the Registrar of
Companies in Bermuda.&#160; Neither the Bermuda Monetary Authority, the Registrar of
Companies nor any other relevant Bermuda authority or government body accept
any responsibility for the financial soundness of any proposal or for the
correctness of any of the statements made or opinions expressed herein.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Any person who,
directly or indirectly, becomes a holder of at least 10 percent, 20 percent, 33
percent, or 50 percent of the common shares must notify the Bermuda Monetary
Authority in writing within 45 days of becoming such a holder.&#160; In addition,
any person who, directly or indirectly, has reduced or disposed of the voting
rights of the common shares so that they will have reached or fallen below 10
percent, 20 percent, 33 percent, or 50 percent of the common shares must notify
the Bermuda Monetary Authority in writing within 45 days after such disposal.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">For so long as
Everest Group has as a subsidiary an insurer registered under the Insurance Act
1978 (as amended) of Bermuda, the Bermuda Monetary Authority may at any time,
by written notice, object to a person holding 10 percent or more of Everest
Group&#8217;s common shares if it appears to the Bermuda Monetary Authority that the
person is not or is no longer fit and proper to be such a holder.&#160; In such a
case, the Bermuda Monetary Authority may require the shareholder to reduce its
holding of common shares of Everest Group and direct, among other things, that
such shareholder&#8217;s voting rights attaching to the common shares shall not be
exercisable.&#160; A person who does not comply with such a notice or direction from
the Bermuda Monetary Authority will be guilty of an offence.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000020"></a><a name="_Toc82494793"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</font></b></p>

<p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">This prospectus and the
information incorporated by reference in this prospectus may contain
forward-looking statements within the meaning of the U.S. federal securities
laws.&#160; We intend these forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements in the federal securities laws.&#160;
In some cases, these statements can be identified by the use of forward-looking
words such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221;
&#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; and &#8220;intend.&#8221; You should be
aware that these statements and any other forward-looking statements in these
documents only reflect our expectations and are not guarantees of performance.&#160;
These statements involve risks, uncertainties and assumptions.&#160; Actual events
or results may differ materially from our expectations.&#160; Important factors that
could cause our actual results to be materially different from our expectations
include those discussed under the heading &#8220;Risk Factors&#8221; contained in any </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">applicable prospectus supplement or other document filed
with the SEC that is incorporated by reference in this prospectus.&#160; We
undertake no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or otherwise.</font></p>

<p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000021"></a><a name="_Toc82494794"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST
RE GROUP, LTD.</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Our principal business, conducted through our
operating subsidiaries, is the underwriting of reinsurance and insurance in the
United States, Bermuda and international markets.&#160; Reinsurance is a form of
insurance purchased by an insurance company to indemnify it for all or part of
the loss that it may sustain under insurance contracts it has written.&#160; Insurance
companies purchasing reinsurance are often referred to as ceding companies or
reinsureds.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">We underwrite reinsurance both through brokers
and directly with ceding companies, giving us the flexibility to pursue
business regardless of the ceding company&#8217;s preferred reinsurance purchasing
method.&#160; Everest Group&#8217;s active operating subsidiaries are each rated A+
(&#8220;Superior&#8221;) by A.M. Best Company, an independent insurance industry rating
organization that rates insurance companies on factors of concern to
policyholders.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The address of our principal executive offices
is Seon Place - 4</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.5pt;">th&nbsp;</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"> floor, 141 Front
Street, P. O. Box HM 845, Hamilton, HM 19, Bermuda, and our telephone number is
(441) 295-0006.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Our significant operating subsidiaries are the
following:</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Reinsurance Company</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Delaware insurance
company, underwrites property and casualty reinsurance for insurance and
reinsurance companies in the United States and international markets.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Bermuda</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Bermuda insurance company, writes
property and casualty business and life and annuity business through its office
in Bermuda and a branch in the United Kingdom.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
National Insurance Company</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Delaware
insurance company, writes property and casualty insurance in the United States.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Indemnity Insurance Company</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Delaware
insurance company, engages in the excess and surplus lines insurance business
in the United States.&#160; Excess and surplus lines insurance is specialty property
and liability coverage that an insurer not licensed to write insurance in a
particular state is permitted to provide when the specific specialty coverage
is unavailable from licensed insurers.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Security Insurance Company</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Georgia
insurance company, writes property and casualty insurance primarily in Georgia
and Alabama.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Denali Insurance Company</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Delaware insurance
company, is licensed to write property and casualty reinsurance.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Premier Insurance Company</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Delaware
insurance company is licensed to write property and casualty reinsurance.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
International Reinsurance, Ltd.</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Bermuda
Insurance company, writes property and casualty business.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Reinsurance Company (Ireland), dac</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, an Ireland
reinsurance company, writes non-life reinsurance, both directly and through
brokers, for the London and European markets.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Insurance (Ireland) dac</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, an Ireland insurance
company, writes insurance for the European markets.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Insurance Company of Canada</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Canadian
insurance company, writes property and casualty insurance in all Canadian
provinces.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
International Assurance, Ltd</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">., a Bermuda
insurance company has made a one-time election under section 953(d) of the U.S.
Internal Revenue Code to be a U.S. income tax paying &#8220;Controlled Foreign
Corporation.&#8221; By making this election, Everest International Assurance is
licensed to write life reinsurance and casualty reinsurance in both Bermuda and
the U.S.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Mt. Logan Re, Ltd.</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">, a Bermuda insurance company and a direct
subsidiary of Everest Group, is registered as a Bermuda segregated accounts
company effective February 27, 2013 under The Segregated Accounts Companies Act
2000 and 100% of the voting common shares are owned by Group.&#160; Separate
segregated </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">accounts for Mt. Logan Re began being
established effective July 1, 2013 and non-voting, redeemable preferred shares
have been issued to capitalize its segregated accounts.&#160; Each segregated
account invests predominately in a diversified set of catastrophe exposures,
diversified by risk/peril and across different geographic regions globally.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:center;"><a name="_Toc256000022"></a><a name="_Toc82494795"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST REINSURANCE HOLDINGS, INC.</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings was established in 1993 in
Delaware to serve as the parent holding company of Everest Reinsurance Company.&#160;
Until October 6, 1995, Everest Holdings was an indirect, wholly-owned
subsidiary of The Prudential Insurance Company of America.&#160; On October 6, 1995,
The Prudential Insurance Company of America sold its entire interest in Everest
Holdings&#8217; shares of common stock in an initial public offering.&#160; Effective
February 24, 2000, Everest Holdings completed a restructuring whereby Everest
Holdings became a wholly-owned subsidiary of Everest Group, and each
outstanding share of common stock of Everest Holdings automatically converted
into one common share of Everest Group.&#160; Effective December 30, 2008, Everest
Holdings became a wholly owned subsidiary of Everest Underwriting Group
(Ireland) Limited (&#8220;Holdings Ireland&#8221;), via a capital contribution of all of
the outstanding stock of Everest Holdings from Everest Group to Holdings
Ireland.&#160; Holdings Ireland is a direct subsidiary of Everest Group.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings&#8217; principal executive offices
are located at 100 Everest Way, Warren, New Jersey 07059, and its telephone
number is (908) 604-3000.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000023"></a><a name="_Toc82494796"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST
RE CAPITAL TRUST III</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings created Everest Capital Trust
as a Delaware statutory trust pursuant to its trust agreement.&#160; Everest
Holdings will enter into an amended and restated trust agreement, referred to
in this prospectus as the trust agreement, for Everest Capital Trust, which
will state the terms and conditions for Everest Capital Trust to issue and sell
preferred securities and common securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Capital Trust exists solely to:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">issue and sell investment grade preferred securities,
representing undivided beneficial interests in the assets of the trust, to the
public;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">issue and sell its common securities, representing undivided
beneficial interests in the assets of the trust, to Everest Holdings;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">use the proceeds from the sale of its preferred and common
securities to purchase a series of Everest Holdings&#8217; junior subordinated debt
securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">distribute the cash payments it receives from the junior
subordinated notes it owns to the holders of the preferred and common
securities; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">engage in other activities that are necessary or incidental to
these purposes.</font></p>

<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings will purchase all of the
common securities of Everest Capital Trust.&#160; The common securities will
represent an aggregate liquidation amount equal to at least 3% of the trust&#8217;s
total capitalization.&#160; The preferred securities will represent the remaining
97% of the trust&#8217;s total capitalization.&#160; The common securities will have terms
substantially identical to, and will rank equal in priority of payment with,
the preferred securities.&#160; However, if Everest Holdings defaults on the related
junior subordinated debt securities, then cash distributions and liquidation,
redemption and other amounts payable on the common securities will be
subordinate in priority of payment to these amounts payable on the preferred
securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The preferred securities will be guaranteed by
Everest Holdings and may be guaranteed by Everest Group as described under the
heading &#8220;Description of the Trust Preferred Securities Guarantees&#8221; on page 25
of this prospectus.&#160; Everest Capital Trust is a legally separate entity, and
its assets are not available to satisfy the obligations of any other capital
trust created by Everest Holdings.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings has appointed five trustees to
conduct the business and affairs of Everest Capital Trust:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The Bank of New York Mellon, as successor in interest to JPMorgan
Chase Bank, N.A., as property trustee;</font></p>

<p style="margin:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">BNY Mellon Trust of Delaware, as Delaware trustee; and</font></p>


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<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">three officers of Everest Holdings, as administrative trustees.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Except under specified limited circumstances,
only Everest Holdings can remove or replace the trustees.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings will pay all fees and expenses
related to Everest Capital Trust and the offering of the preferred securities
and will pay all ongoing costs and expenses of Everest Capital Trust, except
Everest Capital Trust&#8217;s obligations under its preferred and common securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Capital Trust does not have separate
financial statements.&#160; The statements would not be material to holders of the
preferred securities because Everest Capital Trust does not have any
independent operations and exists solely for the reasons described above.&#160; During
any financial reporting periods when Everest Capital Trust has preferred
securities outstanding, each of Everest Holdings and Everest Group will include
in a footnote to the financial statements the following disclosures:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Capital Trust is a 100% wholly-owned finance subsidiary
of Everest Holdings;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings considers that the mechanisms and obligations
relating to the trust preferred securities, taken together, constitute a full
and unconditional guarantee by Everest Holdings of Everest Capital Trust&#8217;s
payment obligation with respect to the trust preferred securities; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">there are regulatory and contractual restrictions on the ability
of Everest Holdings&#8217; operating subsidiaries to transfer funds to Everest
Holdings in the form of cash dividends, loans or advances.&#160; The insurance laws
of the State of Delaware, where Everest Holdings&#8217; direct insurance subsidiaries
are domiciled, require regulatory approval before those subsidiaries can pay
dividends or make loans or advances to Everest Holdings that exceed specified
statutory thresholds.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Capital Trust&#8217;s principal executive
office is located at 100 Everest Way, Warren, New Jersey 07059, and its
telephone number is (908) 604-3000.</font></p>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000024"></a><a name="_Toc82494797"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">USE OF
PROCEEDS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless the applicable prospectus supplement
states otherwise, the net proceeds from the sale of the offered securities will
be used for working capital and other general corporate purposes.</font></p>




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<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000025"></a><a name="_Toc82494798"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION
OF EVEREST GROUP&#8217;S SHARE CAPITAL</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The following is a summary of the material
provisions of the memorandum of association and bye-laws of Everest Group
relating to the common shares and preferred shares.&#160; You should refer to the
memorandum of association and bye-laws for additional information regarding the
common shares and preferred shares.&#160; Copies of the memorandum of association
and bye-laws are included as exhibits to the registration statement of which
this prospectus is a part.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">General</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s authorized share capital
consists of 200,000,000 common shares, par value $0.01 per share, of which 39,684,593
were issued and outstanding as of September 1, 2021, including 51,078 that were
subject to stock options outstanding as of September 1, 2021 which are, or may
become, exercisable into common shares; and 50,000,000 preferred shares, par
value $0.01 per share, none of which are currently issued and outstanding.&#160;
From time to time, Everest Group repurchases its common shares directly or
through its subsidiaries.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Common Shares</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s common shares are listed on the
New York Stock Exchange under the symbol &#8220;RE.&#8221; The common shares currently
issued and outstanding are fully paid and nonassessable within the meaning of
applicable Bermuda law.&#160; Everest Group&#8217;s common shares offered by a prospectus
supplement, upon issuance against full consideration, will be fully paid and
nonassessable within the meaning of applicable Bermuda law.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Under Everest Group&#8217;s bye-laws, the holders of
common shares have no redemption, conversion or sinking fund rights.&#160; In the
event of Everest Group&#8217;s liquidation, dissolution or winding-up, the holders of
common shares are entitled to share equally and ratably in the assets of
Everest Group, if any, remaining after the payment of all of Everest Group&#8217;s
debts and liabilities and the liquidation preference of any outstanding
preferred shares.&#160; The holders of Everest Group&#8217;s common shares will receive
such dividends, if any, as may be declared from time to time by Everest Group&#8217;s
board of directors out of funds legally available for the payment of dividends.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The quorum required for a general meeting of
Everest Group&#8217;s shareholders is two or more individuals present in person
throughout the meeting and representing in person or by proxy more than 50% of
the total number of issued and outstanding shares conferring the right to
attend and vote at the meeting.&#160; Subject to the voting restrictions set forth
below, holders of common shares are entitled to one vote per share on all
matters submitted to a vote of holders of common shares and do not have any
cumulative voting rights.&#160; Most matters to be approved by holders of common
shares require approval by a simple majority of the votes cast at a meeting at
which a quorum is present.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Our board of directors is currently elected
annually.&#160; Shareholders may only remove a director for cause at a special
meeting of shareholders at which the votes of not less than 50% of the shares
entitled to vote are cast in favor of removal.&#160; This could make the removal of
the incumbent directors of Everest Group more difficult and delay or prevent a
change of control that a shareholder might consider in his or her best
interest, including a takeover attempt that might result in a premium over the
market price for the shares held by shareholders.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Limitation on Voting Rights</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">.&#160; If and for
as long as the aggregate number of controlled shares, as defined below, of any
person exceeds 9.9% of the total voting power of all of the issued and
outstanding share capital of Everest Group, each controlled share, regardless
of the identity of the registered holder, will confer only a fraction of a vote
as determined by the following formula:</font></p>

<p align="center" style="margin:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(T-C)</font></u></p>

<p align="center" style="margin:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(9.1 &#215; C)</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Where:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&#8220;T&#8221; is the aggregate
number of votes conferred by all of the issued and outstanding share capital
prior to the application of the formula with respect to any particular person, adjusted
to take into account any prior reduction taken with respect to any other person
as a result of a previous application of the formula.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&#8220;C&#8221; is the number of
controlled shares attributable to the person; and</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&#8220;Controlled shares&#8221; of any person refers to all shares of the issued
and outstanding share capital owned by that person, whether directly, with
respect to persons who are U.S. persons, by application of the attribution and
constructive ownership rules of sections 958(a) and 958(b) or 544 and 554 of
the U.S. Internal Revenue Code of 1986, or beneficially within the meaning of
Section 13(d)(3) of the Exchange Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The formula will be applied successively,
starting with the person to whom the largest number of controlled shares is
attributable, as many times as may be necessary to ensure that the aggregate
number of controlled shares of any person does not exceed 9.9% of the total
voting power of all of the issued and outstanding share capital at any time.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The directors retain discretion to make final adjustments
to the aggregate number of votes attaching to the shares of any shareholder
that they consider fair and reasonable in all the circumstances to ensure that
the aggregate number of controlled shares of any person does not exceed 9.9% of
the total voting power of Everest Group.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Restrictions on Transfer</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">.&#160; Everest
Group&#8217;s bye-laws permit Everest Group&#8217;s board of directors to decline to
register any transfer of common shares if it has reason to believe that the
transfer would result in:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any person that is not an investment company beneficially owning
more than 5.0% of any class of the issued and outstanding share capital of
Everest Group,</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any person holding controlled shares in excess of 9.9% of any
class of the issued and outstanding share capital of Everest Group, or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any adverse tax, regulatory or legal consequences to Everest
Group, any of its subsidiaries or any of its shareholders.</font></p>

<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">If Everest Group&#8217;s board of directors refuses
to register a transfer for any reason, we must notify the proposed transferor
and transferee within 30 days of such refusal.&#160; Everest Group&#8217;s bye-laws also
provide that Everest Group&#8217;s board of directors may suspend the registration of
transfers at any time and for any period that it determines, provided that it
may not suspend the registration of transfers for more than 45 days in any
period of 365 consecutive days.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group has been advised by Conyers Dill
&amp; Pearman Limited, Everest Group&#8217;s special Bermuda counsel, that while the
precise form of the restrictions on transfer contained in the bye-laws is
untested, as a matter of general principle, restrictions on transfers are
enforceable under Bermuda law and are not uncommon.&#160; A proposed transferee will
be permitted to dispose of any common shares purchased that violate the
restrictions and as to the transfer of which registration is refused.&#160; The
transferor of those common shares will be deemed to own those common shares for
dividend, voting and reporting purposes until a transfer of those common shares
has been registered on the shareholder register of Everest Group.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Repurchase Rights</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">.&#160; Everest Group&#8217;s
bye-laws provide that if the board of directors has reason to believe that</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any person that is not an investment company beneficially owns
more than 5.0% of any class of the issued and outstanding share capital of
Everest Group,</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any person holds controlled shares in excess of 9.9% of any class
of the issued and outstanding share capital of Everest Group, or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">share ownership by any person may result in adverse tax, regulatory
or legal consequences to Everest Group, any of its subsidiaries or any other
shareholder,</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">then Everest Group will have the option, but
not the obligation, subject to compliance with Bermuda law, to redeem or
purchase all or any part of the common shares so held to the extent the board
of directors determines it is necessary or advisable to avoid or cure any
adverse or potential adverse consequences.&#160; The price to be paid for any common
shares redeemed or purchased will be the fair market value of those shares,
defined as the average of the high and low sale prices of the common shares on
the New York Stock Exchange for the last 15 trading days immediately preceding
the day on which Everest Group sends a notice of redemption or purchase to the
shareholder.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The Board of Directors has indicated that it
will apply these bye-law provisions in such manner that &#8220;passive institutional
investors&#8221; will be treated similarly to investment companies.&#160; For this
purpose, &#8220;passive institutional </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">7</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">investors&#8221; include all
persons who are eligible, pursuant to Rule 13d-1(b)(1) under the Exchange Act,
to file a short-form statement on Schedule 13G, other than an insurance company
or any parent holding company or control person of an insurance company.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The limitations on voting, restrictions on
transfer and repurchase rights described above could have the effect of
rendering more difficult or discouraging unsolicited takeover bids from third
parties or the removal of incumbent directors of Everest Group.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Information Requirements</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">.&#160; Everest
Group&#8217;s bye-laws provide that the board of directors may require any
shareholder or proposed transferee of shares to certify or otherwise provide to
the board of directors complete and accurate information necessary for it to
give effect to the limitations on voting, restrictions on transfer and
repurchase rights described above.&#160; If any shareholder or proposed transferee
fails to respond to that request in a timely fashion or if the board of
directors has reason to believe that any certification or other information
provided is inaccurate or incomplete, the board of directors may decline to
approve any transfer to which that request relates or may determine to
disregard for all purposes all votes attached to any common shares held by that
shareholder.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Transfer Agent</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">.&#160; The transfer agent and
registrar for Everest Group&#8217;s common shares is Computershare Investor Services.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Preferred Shares</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Subject to the Companies Act, the board of
directors may establish one or more series of preferred shares having the
number of shares, designation, powers, preferences, voting rights, dividend
rates, repurchase provisions and other rights, qualifications, limitations or
restrictions that may be fixed by the board of directors.&#160; The issuance of
preferred shares could have the effect of discouraging an attempt to obtain
control of Everest Group.&#160; The issuance of preferred shares also could
adversely affect the voting power of the holders of Everest Group&#8217;s common
shares, deny shareholders the receipt of a premium on their common shares in
the event of a tender or other offer for the common shares and have a
depressive effect on the market price of the common shares.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The preferred shares to be offered by a
prospectus supplement, upon issuance against full consideration, will be fully
paid and non-assessable within the meaning of applicable Bermuda law.&#160; The
terms of any preferred shares offered by a prospectus supplement will be filed
with the SEC on a Form 8-K or by post-effective amendment to the registration statement
of which this prospectus is a part.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The applicable prospectus supplement relating
to the particular series of preferred shares will describe the specific terms
of that series as fixed by the board of directors, including:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the offering price at which Everest Group will issue the
preferred shares;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the title, designation and number of preferred shares;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the dividend rate or method of calculation, the payment dates for
dividends and the place or places where the dividends will be paid, whether
dividends will be cumulative or noncumulative and, if cumulative, the dates
from which dividends will begin to cumulate;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any conversion or exchange rights;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">whether the preferred shares will be subject to repurchase and
the repurchase price and other terms and conditions relative to the repurchase
rights;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any liquidation rights;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any sinking fund provisions;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any voting rights; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any other rights, preferences, privileges, limitations and
restrictions that are not inconsistent with the terms of Everest Group&#8217;s
memorandum of association and bye-laws.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">8</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_14"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Bermuda Exchange Control</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group has obtained consent for the
issue and transfer of Everest Group&#8217;s shares to and between non-residents of
Bermuda for exchange control purposes from the Bermuda Monetary Authority as
required by The Exchange Control Act 1972 of Bermuda and related regulations.&#160; This
consent is subject to the condition that Everest Group&#8217;s common shares be
listed on an appointed stock exchange, which includes the New York Stock
Exchange. &#160;No further permission from the Bermuda Monetary Authority will be
required to issue Everest Group shares or to transfer Everest Group shares
between persons regarded as non-resident in Bermuda for exchange control
purposes.&#160; The issue and transfer of in excess of 20% of Everest Group shares
involving any persons regarded as resident in Bermuda for exchange control
purposes require prior authorization.&#160; The Bermuda Monetary Authority also has
designated Everest Group as non-resident for exchange control purposes.&#160; This
designation allows Everest Group to transfer funds in and out of Bermuda and to
pay dividends to non-residents of Bermuda who are holders of Everest Group
shares in currencies other than the Bermuda Dollar.&#160; There are no provisions of
Bermuda law or Everest Group&#8217;s memorandum of association or bye-laws which
impose any limitation on the rights of shareholders to hold or vote Everest
Group&#8217;s shares by reason of their not being residents of Bermuda.</font></p>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">9</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000026"></a><a name="_Toc82494799"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION
OF THE DEBT SECURITIES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group or Everest Holdings may elect to
offer debt securities.&#160; The following description of debt securities sets forth
the material terms and provisions of the debt securities to which any
prospectus supplement may relate.&#160; Everest Group&#8217;s senior debt securities would
be issued under a senior indenture between Everest Group and The Bank of New
York Mellon, as successor in interest to JPMorgan Chase Bank, N.A., as trustee.&#160;
Everest Group&#8217;s subordinated debt securities would be issued under a
subordinated indenture between Everest Group and The Bank of New York Mellon,
as successor in interest to JPMorgan Chase Bank, N.A., as trustee.&#160; The Everest
Group senior indenture and subordinated indenture have been incorporated by
reference as exhibits to the registration statement of which this prospectus is
a part.&#160; A supplemental indenture containing the particular terms of any debt
securities issued by Everest Group will be executed at the time the debt
securities are issued and will be filed with the SEC on a Form 8-K, in a
prospectus supplement or by a post-effective amendment to the registration
statement of which this prospectus is a part.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings&#8217; senior debt securities would
be issued under a senior indenture, dated March 14, 2000, between Everest Holdings
and The Bank of New York Mellon, as successor in interest to The Chase
Manhattan Bank, as trustee.&#160; Everest Holdings&#8217; subordinated debt securities
would be issued under a subordinated indenture, dated November 14, 2002,
between Everest Holdings and The Bank of New York Mellon, as successor in
interest to JPMorgan Chase Bank, N.A., as trustee.&#160; The Everest Holdings senior
indenture and subordinated indenture have been incorporated by reference as
exhibits to the registration statement of which this prospectus is a part.&#160; A
supplemental indenture containing the particular terms of any debt securities
issued by Everest Holdings will be executed at the time the debt securities are
issued and will be filed with the SEC on a Form 8-K, in a prospectus supplement
or by a post-effective amendment to the registration statement of which this
prospectus is a part.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s senior indenture, Everest
Group&#8217;s subordinated indenture, Everest Holdings&#8217; senior indenture and Everest
Holdings&#8217; subordinated indenture are sometimes referred to in this prospectus
collectively as the &#8220;indentures&#8221; and each, individually, as an &#8220;indenture.&#8221;
Everest Group&#8217;s senior indenture and Everest Holdings&#8217; senior indenture are
sometimes referred to in this prospectus collectively as the &#8220;senior
indentures&#8221; and each, individually, as a &#8220;senior indenture.&#8221; Everest Group&#8217;s
subordinated indenture and Everest Holdings&#8217; subordinated indenture are
sometimes referred to in this prospectus collectively as the &#8220;subordinated
indentures&#8221; and each, individually, as a &#8220;subordinated indenture.&#8221; The
indentures have been qualified under the U.S. Trust Indenture Act of 1939.&#160; The
terms of the debt securities will include those stated in the indentures and
those made part of the indentures by reference to the Trust Indenture Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The following discussion summarizes the
material terms and provisions of the indentures and the related debt
securities; however, you should refer to the forms of the indentures and the
debt securities for complete information on some of the terms and provisions of
the indentures, including definitions of some of the terms used below, and the
debt securities.&#160; The senior indentures and subordinated indentures are
substantially identical to one another, except for specific covenants relating
to subordination contained in the subordinated indentures.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">General</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The indentures provide that the issuer may
issue the debt securities thereunder from time to time in one or more series.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise stated in the applicable
prospectus supplement and operative documents, senior debt securities will be
unsecured obligations of the issuer and will rank equally with all of the
issuer&#8217;s other unsecured and unsubordinated indebtedness.&#160; The senior debt
securities will be subordinated in right of payment to all of the issuer&#8217;s
existing and future secured indebtedness.&#160; As a result, in the event of the
issuer&#8217;s bankruptcy, liquidation or reorganization or upon acceleration of the
senior debt securities due to an event of default, the issuer&#8217;s assets will be
available to pay its obligations on the senior debt securities only after all
secured indebtedness has been paid in full in cash or other payment
satisfactory to the holders of the secured indebtedness has been made.&#160; There
may not be sufficient assets remaining to pay amounts due on any or all of the
senior debt securities then outstanding.&#160; The senior debt securities are also
effectively subordinated to the indebtedness and other liabilities of the
issuer&#8217;s subsidiaries.&#160; The senior indentures do not prohibit or limit the
incurrence of secured or senior indebtedness or the incurrence of other
indebtedness and liabilities by the issuers or their respective subsidiaries.&#160; The
incurrence of additional senior </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">10</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">indebtedness and other
liabilities by the issuer or its subsidiaries could adversely affect the
issuer&#8217;s ability to pay the obligations on any senior debt securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise stated in the applicable
prospectus supplement and operative documents, subordinated debt securities
will be unsecured obligations of the issuer, subordinated in right of payment
to the prior payment in full of all secured and senior indebtedness of the
issuer, as described below under &#8220;Subordination of Subordinated Debt
Securities&#8221; and in the applicable prospectus supplement.&#160; As a result, in the
event of the issuer&#8217;s bankruptcy, liquidation or reorganization or upon
acceleration of the subordinated debt securities due to an event of default,
the issuer&#8217;s assets will be available to pay its obligations on the subordinated
debt securities only after all secured and senior indebtedness has been paid in
full in cash or other payment satisfactory to the holders of the secured and
senior indebtedness has been made.&#160; There may not be sufficient assets
remaining to pay amounts due on any or all of the subordinated debt securities
then outstanding. The subordinated debt securities are also effectively
subordinated to the indebtedness and other liabilities of the issuer&#8217;s
subsidiaries.&#160; The subordinated indentures do not prohibit or limit the
incurrence of secured or senior indebtedness or the incurrence of other
indebtedness and liabilities by the issuers or their respective subsidiaries.&#160; The
incurrence of additional senior, secured and subordinated indebtedness and
other liabilities by the issuer or its subsidiaries could adversely affect the
issuer&#8217;s ability to pay the obligations on any subordinated debt securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The rights of our creditors, including the
holders of Everest Group&#8217;s debt securities and the holders of Everest Holdings&#8217;
debt securities who are creditors of Everest Group by virtue of any guarantee
of the debt securities issued by Everest Holdings, to participate in the
distribution of stock owned by us in some of our subsidiaries, including our
insurance subsidiaries, may be subject to approval by insurance regulatory
authorities having jurisdiction over the subsidiaries.&#160; The rights of Everest
Holdings&#8217; creditors, including the holders of its debt securities, to
participate in the distribution of stock owned by it in some of its
subsidiaries, including its insurance subsidiaries, may also be subject to
approval by insurance regulatory authorities having jurisdiction over the
subsidiaries.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The prospectus supplement relating to the
particular debt securities offered by the prospectus supplement will describe
the following terms of the offered debt securities:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the title of the debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the aggregate principal amount of the debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the price at which the debt securities will be issued;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the date or dates, or the method or methods, if any, by which the
date or dates will be determined, on which the principal of the debt securities
will be payable;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the rate or rates at which the debt securities will bear
interest, if any, which rate may be zero in the case of some debt securities
issued at an issue price representing a discount from the principal amount
payable at maturity, or the method by which the rate or rates will be
determined, including, if applicable, any remarketing option or similar method;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the date or dates from which interest, if any, will accrue or the
method by which the date or dates will be determined, the date or dates on
which interest, if any, on the debt securities will be payable and any regular
record dates applicable to the date or dates on which interest will be so
payable;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any right to extend or defer the interest payment period and the
duration of any extension;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the portion of the principal amount of the debt securities that
will be payable if the maturity is accelerated, if other than the entire
principal amount;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">if other than as set forth in this prospectus, the place or
places where the principal of, any premium or interest on or any additional
amounts with respect to the debt securities will be payable, and any of the
debt securities that may be surrendered for registration of transfer,
conversion or exchange;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any obligation of the issuer to redeem or purchase the debt
securities pursuant to any sinking fund, amortization or other provision and
the terms and conditions on which the debt securities may be redeemed or
purchased pursuant to any obligation;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the terms and conditions, if any, on which the debt securities of
the series may be redeemed at the issuer&#8217;s option or at the option of the
holders;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any index, formula or other method used to determine the amount
of payments of principal of, any premium or interest on or any additional
amounts with respect to the debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">whether the debt securities will be convertible into common
shares or preferred shares of Everest Group and/or exchangeable for other
securities of Everest Group or Everest Holdings and, if so, the terms and
conditions upon which the debt securities will be so convertible or
exchangeable;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">whether the debt securities are to be issued in the form of one
or more global securities and, if so, the identity of the depositary for the
global security or securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">whether the debt securities will be secured or unsecured
obligations of the issuer;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">whether the debt securities are senior debt securities or
subordinated debt securities and, if subordinated debt securities, the specific
subordination provisions applicable thereto;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">in the case of debt securities issued by Everest Holdings, the
provisions, if any, relating to Everest Group&#8217;s guarantee of Everest Holdings&#8217;
debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any additions to the events of default or covenants of the issuer
with respect to the debt securities; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any other material terms of the debt securities.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The issuer will have the ability under the
indentures to &#8220;reopen&#8221; a previously issued series of the debt securities and
issue additional debt securities of that series or establish additional terms
of that series.&#160; The issuer is also permitted to issue debt securities with the
same terms as previously issued debt securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The issuer may offer and sell the debt
securities at a substantial discount below their principal amount and the
indentures do not provide any limit on the amount by which the issuer may
discount the debt securities.&#160; The applicable prospectus supplement will
describe the special United States federal income tax and other considerations,
if any, applicable to the discounted debt securities.&#160; In addition, the
applicable prospectus supplement may describe special United States federal
income tax or other considerations, if any, applicable to any debt securities
that are denominated in a currency or currency unit other than U.S. dollars.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless the applicable prospectus supplement
states otherwise, the issuer will only issue the debt securities in fully
registered form, without coupons, in denominations of $1,000 and any integral
multiple of $1,000, and there will be no service charge for any registration of
transfer or exchange of the debt securities.&#160; We may, however, require payment
to cover any tax or other governmental charge payable in connection with the
registration or transfer.&#160; Unless otherwise provided in the applicable
prospectus supplement and operative documents, interest may be paid by check
mailed to the persons entitled to the interest at their addresses appearing on
the security register or by wire transfer to an account maintained by the payee
with a bank located in the United States and will be payable on any interest
payment date to the persons in whose name the debt securities are registered at
the close of business on the regular record date with respect to each interest
payment date.&#160; In the case of wire transfers, acceptable wire transfer
instructions must be received at least 16 days prior to the applicable payment
date.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Interest on the debt securities in connection
with a redemption, whether the redemption is before or after the regular record
date, will be payable to the persons in whose names the debt securities are
registered on the redemption date, unless the redemption date is on an interest
payment date.&#160; If the redemption date is on an interest payment date, interest
on the debt securities will be payable to the persons in whose names the debt
securities were registered on the next preceding regular record date.&#160; All
paying agents initially designated by the issuer for the debt securities will
be named in the applicable prospectus supplement and operative documents.&#160; The
issuer may, at any time, designate </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">12</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">additional paying
agents or rescind the designation of any additional paying agent or approve a
change in the office through which any paying agent acts, except that the
issuer will be required to maintain a paying agent in each place where the
principal of, any premium or interest on or any additional amounts with respect
to the debt securities are payable.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group and Everest Holdings have
appointed the trustee as security registrar.&#160; Unless otherwise provided in the
applicable prospectus supplement and operative documents, the debt securities
may be presented for transfer, duly endorsed or accompanied by a written
instrument of transfer, if so required by the issuer or the security registrar,
or exchanged for other debt securities of the same series, containing identical
terms and provisions, in any authorized denominations, and of a like aggregate
principal amount, at the office or agency maintained by the issuer for these
purposes, which shall initially be the corporate trust office of the trustee.&#160; Any
registration, transfer or exchange will be made without service charge, but the
issuer may require payment of a sum sufficient to cover any tax or other
governmental charge and any other expenses then payable.&#160; The issuer will not
be required to:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">issue, register the transfer of, or exchange any debt securities
during a period beginning at the opening of business 15 days before the day of
mailing of a notice of redemption of debt securities of that series or tenor
and ending at the close of business on the day of the mailing;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">register the transfer of or exchange any debt security so
selected for redemption in whole or in part, except the unredeemed portion of
any debt security being redeemed in part; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">register the transfer of or exchange any debt security which, in
accordance with its terms, has been surrendered for repayment at the option of
the holder, except the portion, if any, of the debt security not to be so
repaid.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The debt securities may be represented in whole
or in part by one or more global debt securities registered in the name of a
depository or its nominee and, if so represented, interests in the global debt
security will be shown on, and transfers thereof will be effected only through,
records maintained by the designated depositary and its participants as
described below.&#160; Where the debt securities of any series are issued in bearer
form, the special restrictions and considerations, including special offering
restrictions and special United States federal income tax considerations,
applicable to the debt securities and to payment on and transfer and exchange
of the debt securities will be described in the applicable prospectus
supplement and operative documents.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise described in the applicable
prospectus supplement and operative documents, the indentures do not contain
any provisions that would limit the issuer&#8217;s ability to incur indebtedness or
that would afford holders of the debt securities protection in the event of a
sudden and significant decline in the issuer&#8217;s credit quality or a takeover,
recapitalization or highly leveraged or similar transaction involving the
issuer.&#160; Accordingly, the issuer could in the future enter into transactions
that could increase the amount of indebtedness outstanding at that time or
otherwise affect its capital structure or credit rating.&#160; You should refer to
the applicable prospectus supplement and operative documents for information
regarding additions to the events of default described below or covenants
contained in the indentures, including any addition of a covenant or other
provisions providing event risk or similar protection.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Global Securities</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The debt securities of a series may be issued
in whole or in part in the form of one or more global debt securities that will
be deposited with, or on behalf of, a depositary identified in the applicable
prospectus supplement and operative documents.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The specific terms of the depositary
arrangement with respect to the debt securities will be described in the
applicable prospectus supplement and operative documents.&#160; Everest Group and
Everest Holdings anticipate that the following provisions will apply to all
depositary arrangements.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Upon the issuance of a global security, the
depositary for the global security or its nominee will credit, on its
book-entry registration and transfer system, the respective principal amounts
of the debt securities represented by the global security.&#160; The accounts will
be designated by the underwriters or agents with respect to the debt securities
or by the issuer if the debt securities are offered and sold directly by the
issuer.&#160; Ownership of beneficial interests in a global security will be limited
to persons that may hold interests through participants.&#160; Ownership of
beneficial interests in the global security will be shown on, and the transfer
of that ownership will be effected only through, records maintained by the
depositary or its nominee, with respect to interests of participants, and on
the records of </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">13</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">participants, with respect to interests
of persons other than participants.&#160; The laws of some states require that some
purchasers of securities take physical delivery of securities in definitive
form.&#160; These limits and laws may impair the ability to transfer beneficial
interests in a global security.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">So long as the depositary for a global
security, or its nominee, is the registered owner of the global security, the
depositary or nominee, as the case may be, will be considered the sole owner or
holder of the debt securities represented by the global security for all purposes
under the applicable indenture.&#160; Except as described below, owners of
beneficial interests in a global security will not be entitled to have the debt
securities represented by the global security registered in their names and
will not receive or be entitled to receive physical delivery of the debt
securities in definitive form.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Principal of, any premium and interest on, and
any additional amounts with respect to, the debt securities registered in the
name of a depositary or its nominee will be paid to the depositary or its
nominee, as the case may be, as the registered owner of the global security
representing the debt securities.&#160; None of the trustee, any paying agent, the
security registrar or the issuer will have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial
ownership interests of the global security for the debt securities or for
maintaining, supervising or reviewing any records relating to the beneficial
ownership interests.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group and Everest Holdings expect that
the depositary or its nominee, upon receipt of any payment with respect to the
debt securities, will immediately credit participants&#8217; accounts with payments
in amounts proportionate to their respective beneficial interest in the
principal amount of the global security for the debt securities as shown on the
records of the depositary or its nominee.&#160; Everest Group and Everest Holdings
also expect that payments by participants to owners of beneficial interests in
the global security held through its participants will be governed by standing
instructions and customary practices, as is now the case with securities held
for the accounts of customers registered in &#8220;street name,&#8221; and will be the
responsibility of the participants.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The indentures provide that if:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the depositary for a series of the debt securities notifies the
issuer that it is unwilling or unable to continue as depositary or if the
depositary ceases to be eligible under the applicable indenture and, in each
case, a successor depositary is not appointed by the issuer within 90 days of
written notice;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer determines (subject to the procedures of the
depositary) that the debt securities of a series will no longer be represented
by global securities and executes and delivers to the trustee a company order
to this effect; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">an event of default with respect to a series of the debt
securities has occurred and is continuing, the global securities will be
exchanged for the debt securities of that series in definitive form of like
tenor and of an equal aggregate principal amount in authorized denominations.&#160; The
definitive debt securities will be registered in the name or names as the
depositary shall instruct the trustee.&#160; It is expected that these instructions
may be based upon directions received by the depositary from participants with
respect to ownership of beneficial interests in global securities.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Guarantee of Everest Holdings Debt Securities by Everest
Group</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">If provided for in the applicable prospectus
supplement and operative documents, Everest Group will fully and
unconditionally guarantee all obligations with respect to any series of debt
securities issued by Everest Holdings.&#160; Unless provided otherwise in the
applicable prospectus supplement and operative documents, each Everest Group
debt security guarantee will be unsecured indebtedness of Everest Group and
will rank equally with all of Everest Group&#8217;s other unsecured indebtedness.&#160; Each
Everest Group debt security guarantee may rank equally with or senior or
subordinate to Everest Group&#8217;s other indebtedness.&#160; As a result, in the event
of Everest Group&#8217;s bankruptcy, liquidation or reorganization or upon
acceleration of any series of debt securities due to an event of default,
Everest Group&#8217;s assets will be available to pay its obligations on the Everest
Group debt security guarantee only after all secured indebtedness and other
indebtedness senior to the guarantee has been paid in full in cash or other
payment satisfactory to the holders of the secured and senior indebtedness has
been made.&#160; There may not be sufficient assets remaining to pay amounts due on
any or all of the Everest Group debt securities guarantees.&#160; Each Everest Group
debt security guarantee will also effectively subordinated to the indebtedness
and other liabilities of Everest Group&#8217;s subsidiaries.</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">14</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_20"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless provided
otherwise in the applicable prospectus supplement and operative documents, each
Everest Group debt security guarantee will constitute a guarantee of payment
and not of collection.&#160; This means that the holder of the guaranteed security
may sue Everest Group to enforce its rights under the Everest Group debt
security guarantee without first suing any other person or entity.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Payment of Additional Amounts</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise provided in the applicable
prospectus supplement and operative documents, Everest Group will make all
payments of principal and premium, if any, interest and any other amounts on,
or in respect of, the debt securities issued by Everest Group and all payments
under any Everest Group debt security guarantee without withholding or
deduction at source for, or on account of, any present or future taxes, fees,
duties, assessments or governmental charges imposed or levied by or on behalf
of Bermuda or any other jurisdiction in which Everest Group or any successor is
organized or resident for tax purposes or any political subdivision or taxing
authority of Bermuda or any of those other jurisdictions.&#160; If any withholding
or deduction is required by law, Everest Group will, subject to specified
limitations and exceptions described below or in the applicable prospectus
supplement and operative documents, pay to the holder of any applicable debt
securities any additional amounts as may be necessary so that every net payment
of principal, premium, if any, interest or any other amount made to the holder
after the withholding or deduction will not be less than the amount provided
for in the applicable indenture and debt security to be then due and payable.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Notwithstanding the foregoing, Everest Group
will not be required to pay any additional amounts under the applicable
indenture as a result of:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the imposition of any tax, fee, duty, assessment or governmental
charge that would not have been imposed but for the fact that the holder or
beneficial owner of the debt security was a resident, domiciliary or national
of, or had other specified connections with, the relevant taxing jurisdiction
or presented the debt security for payment in the relevant taxing jurisdiction
unless it could not have been presented elsewhere;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the imposition of any tax, fee, duty, assessment or governmental
charge that would not have been imposed but for the fact that the holder or
beneficial owner of the debt security presented the debt security for payment
more than 30 days after it was due and payable, except to the extent that the
holder would have been entitled to the additional amounts if it had presented
the debt security for payment on any day within that 30-day period;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any estate, inheritance, gift, sale, transfer, personal property
or similar tax, fee, duty, assessment or other governmental charge; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the imposition of any tax, fee, duty, assessment or governmental
charge that would not have been imposed but for the fact that the holder or
beneficial owner of the debt security failed to comply, within 90 days, with
any reasonable request by Everest Group addressed to the holder or beneficial
owner relating to the provision of information or the making of a declaration
required by the taxing jurisdiction as a precondition to exemption from all or
part of the tax, fee, duty, assessment or governmental charge.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In addition, Everest Group will not pay
additional amounts with respect to any payment to any holder of a debt security
where the beneficial owner of the debt security is a fiduciary or partnership
to the extent that the payment would be included in the income for tax purposes
of a beneficiary with respect to the fiduciary or a partner of the partnership
that would not have been entitled to additional amounts if it had been the
holder of the debt security.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Conversion and Exchange</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The terms, if any, on which debt securities of
any series are convertible into or exchangeable for common shares, preferred
shares or other securities, whether or not issued by Everest Group or Everest
Holdings, property or cash, or a combination of any of the foregoing, will be
set forth in the applicable prospectus supplement and operative documents.&#160; These
terms may include provisions for conversion on exchange, either mandatory, at
the option of the holder or at the option of the issuer, in which the securities,
property or cash to be received by the holders of the debt securities would be
calculated according to the factors and at the time as described in the
applicable prospectus </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">15</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">supplement and operative
documents.&#160; Any conversion or exchange will comply with applicable law and the
issuer&#8217;s organizational documents.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Consolidation, Amalgamation, Merger and Sale of Assets</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each indenture provides that the issuer may not
consolidate amalgamate or merge with or into another entity, or convey,
transfer or lease its properties and assets substantially as an entirety to any
entity or permit any entity to consolidate with or merge into the issuer or
convey, transfer or lease its properties and assets substantially as an
entirety to the issuer, unless:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the successor, if any, is a corporation, partnership or trust
organized and existing under the laws of the United States of America, any
state of the United States, the District of Columbia, Bermuda or the Cayman
Islands and expressly assumes by supplemental indenture all of the issuer&#8217;s
obligations under the indentures and the debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">immediately after giving effect to the transaction, no event of
default, and no event which, after notice or lapse of time or both, would
become an event of default, will have happened and be continuing; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer delivers an officers&#8217; certificate and an opinion of
counsel to the indenture trustee, each stating that the transaction complies
with the indenture and any supplemental indenture and the issuer has complied
with all conditions precedent in the indenture and any supplemental indenture
relating to the consolidation, merger, conveyance or transfer.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Upon the assumption by the successor of the
issuer&#8217;s obligations under the applicable indenture and the related debt securities,
the successor will succeed to and be substituted for the issuer under the
applicable indenture, and the issuer will be relieved of all of its
obligations, except in the case of a lease, under the applicable indenture and
related debt securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Events of Default</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise provided in a post-effective
amendment to the registration statement of which this prospectus is a part,
each of the following events will constitute an event of default under each
indenture with respect to any series of debt securities issued under the
indenture, whatever the reason for the event of default and whether it will be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body:</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer fails to pay principal of or any premium or additional
amount on any debt securities of that series on its due date;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer fails to pay any interest on any debt securities of
that series within 30 days from its due date; provided, however, that the date
on which the payment is due will be the date on which the issuer is required to
make payment following any deferral of interest payments by the issuer under
the terms of the debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer fails to make any sinking fund payment on its due
date;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer fails to perform any of its covenants in the
indenture, excluding a covenant not applicable to the affected series, for 60
days after the indenture trustee or the holders of at least 33% in principal
amount of the outstanding debt securities of the series give the issuer written
notice of the default and require that the issuer remedy the breach; provided,
however, the 60-day period may be extended by either the indenture trustee or
the indenture trustee and the holders of at least the same principal amount of
the outstanding debt securities of that series that had given notice of the
default, and the indenture trustee or the indenture trustee and the holders, as
the case may be, will be deemed to have agreed to an extension, if the issuer
has initiated and is diligently pursuing corrective action;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the entry by a court having jurisdiction in the premises of (A) a
decree or order for relief in respect of the issuer in an involuntary case or
proceeding under any applicable United States federal or state or Bermuda
bankruptcy, insolvency, reorganization or other similar law or (B) a decree or
order adjudging the issuer as </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
<div bclfooter="">

 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">16</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_22"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the issuer under any applicable United
States federal or state or Bermuda bankruptcy, insolvency, reorganization or
other similar law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of the issuer or of any
substantial part of its property, or ordering the winding up or liquidation of
its affairs, and the continuance of any such decree or order for relief or any
such other decree or order unstayed and in effect for a period of 60
consecutive days;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the commencement by the issuer of a voluntary case or proceeding
under any applicable United States federal or state or Bermuda bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the issuer in an involuntary case or
proceeding under any applicable United States federal or state or Bermuda
bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or
the filing by the issuer of a petition or answer or consent seeking
reorganization or relief under any applicable United States federal or state or
Bermuda bankruptcy, insolvency, reorganization or other similar law, or the
consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the issuer or of any substantial part
of its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts
generally as they become due, or the authorization of any such action by the issuer&#8217;s
board of directors; or</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any other event of default specified in the applicable prospectus
supplement occurs.</font></p>

<p style="margin:0in;margin-left:.25in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">If an event of default with respect to the debt
securities of any series occurs and is continuing, then the indenture trustee
or holders of not less than 33% in principal amount of the outstanding debt
securities of that series may, by written notice to the issuer, and to the
indenture trustee if given by the holders, declare the unpaid principal amount
and accrued interest, or a lesser amount as may be provided for in the debt
securities of the series, of all outstanding debt securities of the series to
be due and payable immediately.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">At any time after a declaration of acceleration
has been made, but before a judgment or decree for payment of money has been
obtained by the trustee, and subject to applicable law and specified other
provisions of the applicable indenture, the holders of a majority in aggregate
principal amount of the debt securities of a series may, under specified
circumstances, rescind and annul an acceleration and its consequences if:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer deposits with the indenture trustee funds sufficient
to pay all overdue principal of and premium and interest on the debt securities
and other amounts due the debt securities trustee and, to the extent that
payment of the interest is lawful, interest on the overdue interest; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">all existing events of default with respect to the debt
securities have been cured or waived, except non-payment of principal or
interest on the debt securities that has become due solely because of the
acceleration.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holders of a majority in principal amount
of the outstanding debt securities of any series have the right to direct the
time, method and place of conducting any proceedings for any remedy available
to the indenture trustee or to direct the exercise of any trust or power
conferred on the indenture trustee with respect to the debt securities of that
series.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The indenture trustee shall be under no
obligation to exercise any of the rights or powers vested in it by the
indenture at the request or direction of any of the holders pursuant to the
indenture, unless such holders shall have offered to the indenture trustee
security or indemnity satisfactory to the indenture trustee against the costs,
expenses and liabilities which might be incurred by it in compliance with such
request or direction.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">No holder of a debt security of any series will
have any right to institute a proceeding with respect to the indenture for the
appointment of a receiver or for any remedy under the indenture unless:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">that holder has previously given the indenture trustee written
notice that an event of default with respect to the debt securities of that
series has occurred and is continuing;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


<div bclfooter="">

 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">17</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_23"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the holders of a majority in principal amount of the outstanding
debt securities of that series have made written request to institute the
proceeding;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the holder or holders have offered reasonable indemnity to the
indenture trustee;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the indenture trustee has failed to institute the proceeding for
60 days after receipt of the notice and offer of indemnity; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the indenture trustee has not received from the holders of a
majority in principal amount of the outstanding debt securities of that series
a direction inconsistent with the written request for 60 days after receipt of
the notice and offer of indemnity.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Notwithstanding the foregoing, the holder of
any debt security will have an absolute and unconditional right to receive
payment of the principal of and any premium and interest on that debt security
on its maturity date, or, in the case of redemption, the date of redemption,
and to institute suit for the enforcement of any payment.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Notice of Default</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each indenture provides that, if an event
occurs which is or would become an event of default with respect to any series
of the debt securities, and the indenture trustee knows of the event, the
indenture trustee will mail to the holders of the affected debt securities a
notice of the default within 90 days, unless the default has been cured or
waived by the holders of the affected debt securities.&#160; However, except in the
case of a default in the payment of any amounts due on any debt security of a
series, the indenture trustee may withhold notice if and so long as the
issuer&#8217;s board of directors and/or responsible officers of the indenture
trustee determine in good faith that withholding the notice is in the interest
of the holders of the affected debt securities.&#160; In addition, if the issuer
defaults on any series of the debt securities by failing to comply with or
perform any of its agreements, covenants or warranties applicable to those debt
securities, no notice will be given until at least 30 days after the default
occurs.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Under each indenture, the issuer is required to
furnish annually to the indenture trustee an officers&#8217; certificate to the
effect that, to the best knowledge of the officers providing the certificate,
it is not in default under the indenture or, if there has been a default,
specifying the default and its status.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Modification</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The issuer and the indenture trustee may amend
or modify any of the indentures with the consent of the holders of a majority
in aggregate principal amount of the outstanding debt securities of each series
affected by the amendment or modification voting as a class.&#160; No amendment or
modification may, however, without the consent of the holder of each
outstanding debt securities affected by the amendments or modifications:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">change the stated maturity of the principal of, or any
installment of principal of or interest on, or any additional amounts with
respect to, any debt security;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">reduce the principal amount of, the rate of interest on, or any
additional amounts with respect to, or any premium payable upon the redemption
of, any debt security;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">reduce the amount of principal of any debt security due and
payable upon acceleration of the maturity of the debt security;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">change the place of payment or currency of payment of principal
of or any premium or interest on, or any additional amounts with respect to,
any debt security;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">impair the right to institute suit for the enforcement of any
payment on any debt security on or after the stated maturity or date of
redemption; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">reduce the percentage in principal amount of the debt securities
of any series, the consent of whose holders is required to amend or modify the
indenture, to waive compliance with specific provisions of the indenture or to
waive specific defaults.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">18</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">No supplemental
indenture may directly or indirectly modify or eliminate the subordination
provisions of the subordinated indentures in any manner that might terminate or
impair the subordination of the subordinated debt securities to senior
indebtedness without the prior written consent of the holders of the senior
indebtedness.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In addition, the issuer and the indenture
trustee may, without the consent of any of the holders of the debt securities,
execute supplemental indentures to:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">create new series of debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">provide for the issuer&#8217;s successor pursuant to a consolidation,
amalgamation, merger or sale of assets;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">provide additional covenants or events of defaults for the benefit
of the holders of the debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">secure the debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">provide for a successor trustee with respect to debt securities
of all or any series;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">cure any ambiguity, defect or inconsistency in the indenture; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">make other changes that do not adversely affect the interests of
the holders of the debt securities in any material respect, as well as for
various other purposes.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Waiver of Covenants and Defaults</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holders of a majority in aggregate
principal amount of the outstanding debt securities of any series may waive,
for that series, the issuer&#8217;s compliance with any restrictive covenants
included in any supplemental indenture.&#160; The holders of a majority in aggregate
principal amount of the outstanding debt securities of any series with respect
to which a default has occurred and is continuing may waive the default for
that series, other than a default in the payment of principal of, or any
premium or interest on, any debt security of that series or a default with
respect to a covenant or provisions that cannot be amended or modified without
the consent of the holder of each outstanding debt security affected.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Defeasance and Covenant Defeasance</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The indentures provide, unless the terms of the
particular series of debt securities provides otherwise, the issuer may cause
itself to be:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">discharged from its obligations with respect to any debt
securities or series of debt securities, which we refer to as defeasance; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">released from its obligations under any restrictive covenants
included in any supplemental indenture with respect to any debt securities or
series of debt securities, which we refer to as covenant defeasance.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The indentures permit defeasance with respect
to any debt securities of a series even if a prior covenant defeasance has occurred
with respect to the debt securities of that series.&#160; Following a defeasance,
payment of the debt securities defeased may not be accelerated because of an
event of default.&#160; Following a covenant defeasance, payment of the debt
securities may not be accelerated by reference to the covenants affected by the
covenant defeasance.&#160; However, if an acceleration were to occur, the realizable
value at the acceleration date of the money and government obligations in the
defeasance trust could be less than the principal and interest then due on the
debt securities, since the required deposit in the defeasance trust would be
based upon scheduled cash flows rather than market value, which would vary
depending upon interest rates and other factors.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Upon a defeasance, the following rights and
obligations will continue:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the rights of the holders of the debt securities of any series to
receive from the trust established in connection with the defeasance payments
of the principal of, any premium and interest on, and any additional amounts
with respect to, the debt securities when payments are due;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_25"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer&#8217;s obligations regarding the registration, transfer and
exchange of the debt securities of any series;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer&#8217;s obligation to maintain an office or agency in each
place of payment; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the survival of the indenture trustee&#8217;s rights, powers, trusts,
duties and immunities under the indenture.</font></p>

<p style="margin:0in;margin-left:.25in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In connection with any defeasance or covenant
defeasance, the issuer must irrevocably deposit with the indenture trustee, in
trust, money and/or government obligations which, through the scheduled payment
of principal and interest on those obligations, would provide sufficient money
to pay the principal of, premium and interest on, and any additional amounts
with respect to, the debt securities on the maturity dates or upon redemption.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In connection with a defeasance or covenant
defeasance, the issuer must deliver to the indenture trustee:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">an opinion of counsel to the effect that the holders of the debt
securities will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of the defeasance or covenant defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if the defeasance or covenant
defeasance had not occurred.&#160; This opinion, in the case of a defeasance, must
refer to and be based upon a ruling of the IRS or a change in applicable
federal income tax law occurring after the date of the indenture;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">an officers&#8217; certificate confirming that any debt securities then
listed on any securities exchange will not be delisted; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">an officers&#8217; certificate and an opinion of counsel, each stating
that the issuer has complied with all conditions precedent.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In addition, the following conditions must be
true:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">no event will have occurred and be continuing which is or would
become an event of default;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the defeasance or covenant defeasance will not cause the
indenture trustee to have a conflicting interest under the Trust Indenture Act;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the defeasance or covenant defeasance will not cause the trust to
become an investment company under the Investment Company Act unless it is
properly registered under that Act or exempt from registration; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">proper notice of the redemption date, if applicable, will have
been given.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Subordination of the Subordinated Debt Securities</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Subordinated debt securities issued by an
issuer will, to the extent set forth in the applicable subordinated indenture,
be subordinate in right of payment to the prior payment in full of all senior
indebtedness of the issuer, whether outstanding at the date of the subordinated
indenture or incurred after that date.&#160; In the event of:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any insolvency or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding
in connection therewith, relative to the issuer or to its creditors, as such,
or to its assets; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any voluntary or involuntary liquidation, dissolution or other
winding up of the issuer, whether or not involving insolvency or bankruptcy; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any assignment for the benefit of creditors or any other
marshalling of assets and liabilities of the issuer, then the holders of senior
indebtedness of the issuer will be entitled to receive payment in full of all
amounts due or to become due on or in respect of all its senior indebtedness,
or provision will be made for the payment in cash, before the holders of the
subordinated debt securities of the issuer are entitled </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">20</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">to
receive or retain any payment on account of principal of, or any premium or
interest on, or any additional amounts with respect to, the subordinated debt
securities.&#160; The holders of senior indebtedness of the issuer will be entitled
to receive, for application to the payment thereof, any payment or distribution
of any kind or character, whether in cash, property or securities, including
any payment or distribution which may be payable or deliverable by reason of
the payment of any other indebtedness of the issuer being subordinated to the
payment of its subordinated debt securities, which may be payable or
deliverable in respect of its subordinated debt securities in any case,
proceeding, dissolution, liquidation or other winding up event.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">By reason of subordination, in the event of
liquidation or insolvency of the issuer, holders of senior indebtedness of the
issuer and holders of other obligations of the issuer that are not subordinated
to its senior indebtedness may recover more ratably than the holders of
subordinated debt securities of the issuer.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Subject to the payment in full of all senior
indebtedness of the issuer, the rights of the holders of subordinated debt
securities of the issuer will be subrogated to the rights of the holders of its
senior indebtedness to receive payments or distributions of cash, property or
securities of the issuer applicable to its senior indebtedness until the
principal of, any premium and interest on, and any additional amounts with
respect to, its subordinated debt securities have been paid in full.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">No payment of principal, including redemption
and sinking fund payments, of, or any premium or interest on, or any additional
amounts with respect to, the subordinated debt securities of the issuer, or
payments to acquire these securities, other than pursuant to their conversion,
may be made:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">if any senior indebtedness of the issuer is not paid when due and
any applicable grace period with respect to the default has ended and the
default has not been cured or waived or ceased to exist, or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">if the maturity of any senior indebtedness of the issuer has been
accelerated because of a default.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The subordinated indentures do not limit or
prohibit the issuer from incurring additional senior indebtedness, which may
include indebtedness that is senior to its subordinated debt securities, but
subordinate to the issuer&#8217;s other obligations.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The subordinated indentures provide that these
subordination provisions, insofar as they relate to any particular issue of
subordinated debt securities by the issuer, may be changed prior to the
issuance.&#160; Any change would be described in the applicable prospectus
supplement and operative documents.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">New York Law to Govern</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The indentures and the debt securities will be
governed by the laws of the State of New York.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Information Concerning the Trustee</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The Bank of New York Mellon, which is the
indenture trustee under all of the indentures, also serves as property trustee
and guarantee trustee with respect to the preferred securities issued by
Everest Capital Trust.&#160; Everest Group and/or Everest Holdings and some of their
affiliates maintain banking relationships with The Bank of New York Mellon and
its affiliates in the ordinary course of business.</font></p>




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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000027"></a><a name="_Toc82494800"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION
OF THE WARRANTS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">General</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group may issue warrants to purchase
its common shares, preferred shares, debt securities or any combination of
these securities.&#160; These warrants may be issued independently or together with
any underlying securities and may be attached or separate from the underlying
securities.&#160; Each series of warrants will be issued under a separate warrant
agreement to be entered into between Everest Group and a warrant agent.&#160; The
warrant agent will act solely as agent for the issuer in connection with the
warrants of such series and will not assume any obligation or relationship of
agency for or with holders or beneficial owners of warrants.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The applicable prospectus supplement and
operative documents relating to the warrants will describe the specific terms
of the warrants, including:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the title of the warrants;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the number of warrants;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the price at which the warrants will be issued;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the designation and terms of the underlying securities
purchasable upon exercise of the warrants;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the price at which investors may purchase the underlying
securities purchasable upon exercise of the warrants;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the date on which the right to exercise the warrants will
commence and the date on which the right will expire;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any call or put provisions of the warrants;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any anti-dilution provisions of the warrants; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any other material terms of the warrants.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Warrant certificates will be exchangeable for
new warrant certificates of different denominations, and warrants will be
exercisable at the warrant agent&#8217;s corporate trust office or any other office
indicated in the applicable prospectus supplement and operative documents.&#160; Prior
to the exercise of their warrants, holders of warrants exercisable for common
shares or preferred shares will not have any rights of holders of the common
shares or preferred shares purchasable upon such exercise and will not be
entitled to dividend payments, if any, or voting rights of the common shares or
preferred shares purchasable upon such exercise.&#160; Prior to the exercise of
their warrants, holders of warrants exercisable for debt securities will not
have any of the rights of holders of the debt securities purchasable upon such
exercise and will not be entitled to payments of principal, premium, if any, or
interest on or additional amounts with respect to the debt securities
purchasable upon such exercise.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Exercise of Warrants</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">A warrant will entitle the holder to purchase
for cash an amount of securities at an exercise price that will be stated in,
or that will be determinable as described in, the applicable prospectus
supplement and operative documents.&#160; Warrants may be exercised at any time up
to the close of business on the expiration date set forth in the applicable
prospectus supplement and operative documents.&#160; After the close of business on
the expiration date, unexercised warrants will become void.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Warrants will be exercisable as set forth in the
applicable prospectus supplement and operative documents.&#160; Upon receipt of
payment and the warrant certificate properly completed and duly executed at the
corporate trust office of the warrant agent or any other office indicated in
the prospectus supplement, the issuer will, as soon as practicable, forward the
securities purchasable upon such exercise.&#160; If less than all of the warrants
represented by such warrant certificate are exercised, a new warrant
certificate will be issued for the remaining warrants.</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">22</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Enforceability of Rights;
Governing Law</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holders of the warrants, without the
consent of the warrant agent, may, on their own behalf and for their own
benefit, enforce, and may institute and maintain any suit, action or proceeding
against the issuer to enforce their rights to exercise and receive the
securities purchasable upon exercise of their warrants.&#160; Unless otherwise
stated in the prospectus supplement, each issue of warrants and the applicable
warrant agreement will be governed by the laws of the State of New York.</font></p>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000028"></a><a name="_Toc82494801"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">23</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE SHARE PURCHASE CONTRACTS AND SHARE
PURCHASE UNITS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group may issue share purchase
contracts that obligate holders to purchase from Everest Group, and obligate
Everest Group to sell to the holders, a specified or varying number of common
shares or preferred shares at a future date or dates.&#160; Alternatively, the share
purchase contracts may obligate Everest Group to purchase from the holders, and
obligate the holders to sell to Everest Group, a specified or varying number of
common shares or preferred shares at a future date or dates.&#160; The price per
common share or preferred share, as the case may be, may be fixed at the time
the share purchase contracts are entered into or may be determined by reference
to a specific formula contained in the share purchase contracts.&#160; Any share
purchase contract may include anti-dilution provisions to adjust the number of
shares to be delivered pursuant to the share purchase contract upon the
occurrence of specified events.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The share purchase contracts may be issued
separately or as a part of units consisting of a share purchase contract and
common shares, preferred shares, debt securities, trust preferred securities,
other share purchase contracts or debt obligations of third parties, including
U.S. Treasury securities, securing the holders&#8217; obligations to purchase or sell
the common shares or preferred shares, as the case may be, under the share
purchase contracts.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Share purchase contracts may require Everest
Group to make periodic payments to the holders of the units or vice versa, and
these payments may be unsecured or prefunded and may be paid a current or
deferred basis.&#160; The share purchase contracts may require holders to secure
their obligations under the contracts in a specified manner.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The applicable prospectus supplement and
operative documents will describe the specific terms of any share purchase
contracts or units.</font></p>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000029"></a><a name="_Toc82494802"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">24</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE TRUST PREFERRED SECURITIES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The preferred securities of Everest Capital
Trust will be issued pursuant to an amended and restated trust agreement
between Everest Holdings and The Bank of New York Mellon, as successor in
interest to JPMorgan Chase Bank, N.A., as the property trustee, BNY Mellon
Trust of Delaware, as the Delaware trustee, the three administrative trustees
and the holders from time to time of Everest Capital Trust preferred and common
securities.&#160; The original trust agreement and the amended and restated trust
agreement have been incorporated by reference as exhibits to the registration
statement of which this prospectus is a part.&#160; An amended and restated trust
agreement will be executed each time that we issue any preferred securities and
will be filed with the SEC on a Form 8-K or by a post-effective amendment to
the registration statement of which this prospectus is a part.&#160; The amended and
restated trust agreement has been qualified under the U.S. Trust Indenture Act
of 1939.&#160; The terms of the preferred securities of Everest Capital Trust will
include those stated in the amended and restated trust agreement and those made
part of the amended and restated trust agreement by reference to the Trust
Indenture Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">General</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The trust agreement authorizes the
administrative trustees to issue on behalf of Everest Capital Trust one series
of preferred securities that have the terms described in a prospectus
supplement.&#160; The proceeds from the sale of Everest Capital Trust&#8217;s preferred
and common securities will be used to purchase a series of Everest Holdings&#8217;
junior subordinated debt securities.&#160; The junior subordinated debt securities
will be held in trust by the property trustee for the benefit of the holders of
the preferred and common securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The terms of the preferred securities of
Everest Capital Trust will mirror the terms of the junior subordinated debt
securities held by Everest Capital Trust.&#160; The assets of Everest Capital Trust
available for distribution to the holders of its preferred securities generally
will be limited to payments from Everest Holdings under the series of junior
subordinated debt securities held by Everest Capital Trust.&#160; If Everest
Holdings fails to make a payment on the junior subordinated debt securities,
Everest Capital Trust will not have sufficient funds to make related payments,
including distributions, on its preferred securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Under the preferred securities guarantees,
Everest Holdings will agree to make payments of distributions and payments on
redemption or liquidation with respect to preferred securities of Everest Capital
Trust, but only to the extent the trust has funds available to make those
payments and has not made the payments.&#160; Everest Group may also guarantee
Everest Holdings&#8217; obligations under the preferred securities guarantees.&#160; See
&#8220;Description of the Trust Preferred Securities Guarantees.&#8221; The preferred
securities guarantees, when taken together with Everest Holdings&#8217; obligations
under the junior subordinated debt securities, the junior subordinated
indenture, the trust agreement and the expense agreements described below, will
provide a full and unconditional guarantee by Everest Holdings of amounts due
on the preferred securities issued by Everest Capital Trust.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The preferred securities issued by Everest
Capital Trust will be &#8220;investment grade securities&#8221; because at least one
nationally recognized statistical rating organization will have rated the
securities in one of its generic rating categories which signifies &#8220;investment
grade.&#8221;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The prospectus supplement relating to the
preferred securities of Everest Capital Trust will describe the specific terms
of the preferred securities, including:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the title of the preferred securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the dollar amount and number of preferred securities issued;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the annual distribution rate, or method of determining the rate,
of distributions on the preferred securities, and the date or dates from which
any distributions will accrue;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the payment date and the record date used to determine the
holders who are to receive distributions;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the right, if any, to defer distributions on the preferred
securities upon extension of the interest payment periods of the related junior
subordinated debt securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the trust&#8217;s obligation, if any, to redeem or purchase the
preferred securities and the terms and conditions on which the preferred
securities may be redeemed or purchased pursuant to any obligation;</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">25</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the terms and conditions, if any, on which the preferred
securities may be redeemed at the trust&#8217;s option or at the option of the
holders;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the terms and conditions, if any, upon which the related junior
subordinated debt securities may be distributed to holders of the preferred
securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the voting rights, if any, of the holders of the preferred
securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">whether the preferred securities are to be issued in the form of
one or more global certificates and, if so, the depository for the global
certificates; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any other relevant rights, preferences, privileges, limitations
or restrictions of the preferred securities.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The prospectus supplement will describe the
relevant United States federal income tax considerations applicable to the
purchase, holding and disposition of the series of preferred securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Liquidation Distribution Upon Dissolution</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise specified in an applicable
prospectus supplement and operative documents, the trust agreement states that
Everest Capital Trust will be dissolved:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">on the expiration of the term of the trust;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">upon the bankruptcy, dissolution or liquidation of Everest
Holdings;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">upon the direction of Everest Holdings to the property trustee to
dissolve the trust, after satisfaction of liabilities of the trust as required
by applicable law, and distribution of the related junior subordinated debt
securities directly to the holders of the preferred and common securities of
the trust in exchange for the preferred securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">upon the redemption of all of the preferred securities of the
trust in connection with the redemption of all of the related junior
subordinated debt securities; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">upon entry of a court order for the dissolution of the trust.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise specified in an applicable
prospectus supplement and operative documents, in the event of a dissolution as
described above other than in connection with redemption, after Everest Capital
Trust satisfies all liabilities to its creditors as provided by applicable law,
each holder of the preferred or common securities will be entitled to receive:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the related junior subordinated debt securities in an aggregate
principal amount equal to the aggregate liquidation amount of the preferred or
common securities held by the holder; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">if any distribution of the related junior subordinated debt
securities is determined by the property trustee not to be practical, cash
equal to the aggregate liquidation amount of the preferred or common securities
held by the holder, plus accumulated and unpaid distributions to the date of
payment.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">If Everest Capital Trust cannot pay the full
amount due on its preferred and common securities because insufficient assets
are available for payment, then the amounts payable by the trust on its
preferred and common securities will be paid on a pro rata basis.&#160; However, if
an event of default under the junior subordinated indenture has occurred and is
continuing with respect to any series of related junior subordinated debt
securities, the total amounts due on the preferred securities will be paid
before any distribution on the common securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Events of Default</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The following will be events of default under
the trust agreement:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">an event of default under the junior subordinated indenture
occurs with respect to any series of related junior subordinated debt
securities; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any other event of default specified in the applicable prospectus
supplement or the trust agreement occurs.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">For so long as any
preferred securities of Everest Capital Trust remain outstanding, if an event
of default with respect to a series of related junior subordinated debt
securities occurs and is continuing under the junior subordinated indenture,
and the junior subordinated indenture trustee or the holders of not less than
33% in principal amount of the related junior subordinated debt securities
outstanding fail to declare the principal amount of all of such junior
subordinated debt securities to be immediately due and payable, the holders of
at least 33% in aggregate liquidation amount of the outstanding preferred
securities of the trust will have the right to declare the principal amount
immediately due and payable by providing notice to Everest Holdings, the
property trustee and the junior subordinated indenture trustee.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">At any time after a declaration of acceleration
has been made with respect to a series of related junior subordinated debt
securities and before a judgment or decree for payment of the money due has
been obtained, the holders of a majority in liquidation amount of the preferred
securities of Everest Capital Trust may rescind any declaration of acceleration
with respect to the related junior subordinated debt securities and its
consequences if:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the issuer of the related junior subordinated debt securities
deposits with the trustee funds sufficient to pay all overdue principal of and
premium and interest on the related junior subordinated debt securities and
other amounts due to the junior subordinated indenture trustee and the property
trustee and any accrued additional interest on the related junior subordinated
debt securities; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">all existing events of default with respect to the related junior
subordinated debt securities have been cured or waived except non-payment of
principal on the related junior subordinated debt securities that has become
due solely because of the acceleration.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holders of a majority in liquidation amount
of the preferred securities of Everest Capital Trust may waive any past default
under the junior subordinated indenture with respect to related junior
subordinated debt securities, other than a default in the payment of the
principal of, or any premium or interest on, any related junior subordinated
debt securities or a default with respect to a covenant or provision that
cannot be amended or modified without the consent of the holder of each
outstanding related junior subordinated debt security affected.&#160; In addition,
except as otherwise provided in the trust agreement, the holders of at least a
majority in liquidation amount of the preferred securities of Everest Capital
Trust may waive a past default under the trust agreement.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holders of a majority in liquidation amount
of the preferred securities of Everest Capital Trust shall have the right to
direct the time, method and place of conducting any proceedings for any remedy
available to the property trustee or to direct the exercise of any trust or
power conferred on the property trustee under the trust agreement.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">For so long as any preferred securities of
Everest Capital Trust remain outstanding and to the fullest extent permitted by
law and subject to the terms of the trust agreement and indenture, a holder of
preferred securities of Everest Capital Trust may institute a legal proceeding
directly against the issuer of the related junior subordinated debt securities,
without first instituting a legal proceeding against the property trustee or
any other person or entity, for enforcement of payment to the holder of
principal and any premium or interest on the junior subordinated debt
securities of the related series having a principal amount equal to the
aggregate liquidation amount of the preferred securities of the holder if
Everest Holdings fails to pay principal and any premium or interest on the
related series of junior subordinated debt securities when payable.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings and the administrative
trustees of Everest Capital Trust are required to furnish annually to the
property trustee certificates to the effect that, to the best knowledge of the
individuals providing the certificates, Everest Holdings and the trust are not
in default under the trust agreement, or if there has been a default,
specifying the default and its status.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Consolidation, Merger or Amalgamation of Everest Capital
Trust</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Capital Trust may not consolidate or
merge with or into, consolidate, amalgamate, or be replaced by or convey,
transfer or lease its properties and assets substantially as an entirety to any
entity, except as described below or as described in &#8220;Liquidation Distribution
Upon Dissolution.&#8221; At the request of the holders of the common securities,
Everest Capital Trust may, without the consent of the holders of the
outstanding preferred securities, consolidate, amalgamate, or merge with or
into, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to a trust organized under the laws of any state
if:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the successor entity either:</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Courier New" lang="EN-US" style="font-size:10.0pt;"> &#9744; </font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp; </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">expressly
assumes all of the obligations of the trust relating to its preferred
securities; or</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Courier New" lang="EN-US" style="font-size:10.0pt;"> &#9744; </font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp; </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">substitutes
for the trust&#8217;s preferred securities other securities having substantially the
same terms as the preferred securities, so long as the substituted successor
securities rank the same as the preferred securities for distributions and
payments upon liquidation, redemption and otherwise;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings appoints a trustee of the successor entity to
hold the junior subordinated debt securities who has substantially the same
powers and duties as the property trustee of the trust;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the preferred securities of the trust are listed, or any
substituted successor securities will be listed upon notice of issuance, on the
same national securities exchange or interdealer quotation system on which the
preferred securities are then listed, if any;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the merger event does not cause the preferred securities or any
substituted successor securities to be downgraded by any national rating
agency;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the merger event does not adversely affect the rights,
preferences and privileges of the holders of the preferred securities or any
substituted successor securities in any material respect;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the successor entity has a purpose substantially identical to
that of the trust; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">prior to the merger event, Everest Holdings has received an opinion
of counsel stating that:</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Courier New" lang="EN-US" style="font-size:10.0pt;"> &#9744; </font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp; </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the
merger event does not adversely affect the rights, preferences and privileges
of the holders of the trust&#8217;s preferred securities or any successor securities
in any material respect;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Courier New" lang="EN-US" style="font-size:10.0pt;"> &#9744; </font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp; </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">following
the merger event, neither the trust nor the successor entity will be required
to register as an investment company under the Investment Company Act of 1940;
and</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Courier New" lang="EN-US" style="font-size:10.0pt;"> &#9744; </font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp; </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest
Holdings or its permitted transferee owns all of the common securities of the
successor entity and guarantees the obligations of the successor entity under
the substituted successor securities at least to the extent provided under the
preferred securities guarantee.</font></p>

<p style="margin:0in;margin-left:.75in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In addition, unless all of the holders of the
preferred securities of Everest Capital Trust approve otherwise, the trust may
not consolidate, amalgamate, merge with or into, or be replaced by or convey,
transfer or lease its properties and assets substantially as an entirety to any
other entity or permit any other entity to consolidate, amalgamate, merge with
or into or replace it if the transaction would cause the trust or the successor
entity to be taxable as a corporation or classified other than as a grantor
trust for United States federal income tax purposes or cause the junior
subordinated debt securities to be treated as other than indebtedness of
Everest Holdings for United States income tax purposes.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Voting Rights</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Unless otherwise specified in the prospectus
supplement, the holders of the preferred securities of Everest Capital Trust
will not have any voting rights except as discussed below and under &#8220;-Amendment
of the Trust Agreement&#8221; and &#8220;Description of the Trust Preferred Securities
Guarantees-Amendments and Assignment,&#8221; and as otherwise required by law.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">If any proposed amendment to the trust agreement
provides for, or the trustees of the trust otherwise propose to effect:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any action that would adversely affect the powers, preferences or
special rights of the preferred securities of the trust in any material
respects, whether by way of amendment to the trust agreement or otherwise; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the dissolution, winding-up or termination of the trust other
than pursuant to the terms of the trust agreement,</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">then the holders of the outstanding preferred
securities of the trust as a class will be entitled to vote on the amendment or
proposal.&#160; In that case, the amendment or proposal will be effective only if
approved by the holders of at least a majority in aggregate liquidation amount
of the preferred securities of the trust.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">So long as any junior subordinated debt
securities are held by the property trustee on behalf of Everest Capital Trust,
without obtaining the prior approval of the holders of a majority in aggregate
liquidation amount of the preferred securities, the trustees of the trust may
not:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">direct the time, method and place of conducting any proceeding
for any remedy available to the junior subordinated indenture trustee for any
related junior subordinated debt securities or direct the exercise of any trust
or power conferred on the property trustee with respect to the junior
subordinated debt securities;</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">waive any past default that is waivable under the junior
subordinated indenture with respect to any related junior subordinated debt
securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">cancel an acceleration of the principal of any related junior
subordinated debt securities; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">consent to any amendment, modification or termination of the
junior subordinated indenture or any related junior subordinated debt
securities where consent is required.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">However, if a consent under the junior
subordinated indenture requires the consent of each affected holder of the
related junior subordinated debt securities, then the property trustee must
obtain the prior written consent of each holder of the preferred securities.&#160; In
addition, before taking any of the foregoing actions, the property trustee must
obtain an opinion of counsel experienced in such matters to the effect that, as
a result of such actions, the trust will not be taxable as a corporation or
classified as other than a grantor trust for United States federal income tax
purposes.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The property trustee will notify all preferred
securities holders of Everest Capital Trust of any notice of default received
from the junior subordinated indenture trustee with respect to the junior
subordinated debt securities held by the trust.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Any required approval of the holders of the
preferred securities of Everest Capital Trust may be given at a meeting of the
holders of the preferred securities convened for the purpose or pursuant to
written consent.&#160; The property trustee will cause a notice of any meeting at
which holders of securities are entitled to vote to be given to each holder of
record of the preferred securities of Everest Capital Trust at the holder&#8217;s
registered address at least 15 days and not more than 90 days before the
meeting.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">No vote or consent of the holders of securities
will be required for Everest Capital Trust to redeem and cancel the securities
in accordance with the trust agreement.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Notwithstanding that the holders of the
preferred securities of Everest Capital Trust are entitled to vote or consent
under any of the circumstances described above, any of the preferred securities
that are owned by Everest Holdings, the trustees of a trust or any affiliate of
Everest Holdings or any trustees of Everest Capital Trust shall, for purposes
of any vote or consent, be treated as if they were not outstanding.&#160; Preferred
securities held by Everest Holdings or any of its affiliates may be exchanged
for related junior subordinated debt securities at the election of the holder.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Amendment of the Trust Agreement</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The trust agreement may be amended from time to
time by Everest Holdings, the property trustee and the administrative trustees
of the trust without the consent of the holders of the preferred securities of
the trust to:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">cure any ambiguity, correct or supplement any provision which may
be inconsistent with any other provision or make provisions not inconsistent
with any other provisions with respect to matters or questions arising under
the trust agreement, in each case to the extent that the amendment does not
adversely affect the interests of any holder of the preferred securities in any
material respect; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">modify, eliminate or add to any provisions to the extent
necessary to ensure that Everest Capital Trust will not be taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes at all times that any trust securities are
outstanding, to ensure that the junior subordinated debt securities held by
Everest Capital Trust are treated as indebtedness of Everest Holdings for
United States federal income tax purposes or to ensure that Everest Capital
Trust will not be required to register as an investment company under the
Investment Company Act, in each case to the extent that the amendment does not
adversely affect the interests of any holder of the preferred securities in any
material respect.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Other amendments to the trust agreement may be
made by Everest Holdings, the property trustee, and the administrative trustees
upon approval of the holders of a majority in aggregate liquidation amount of
the outstanding preferred securities and receipt by the trustees of an opinion
of counsel to the effect that the amendment will not cause the trust to be
taxable as a corporation or classified as other than a grantor trust for United
States federal income tax purposes, affect the treatment of the junior
subordinated debt securities held by the trust as indebtedness of Everest
Holdings for United States federal income tax purposes or affect the trust&#8217;s
exemption from status as an investment company under the Investment Company
Act.</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Notwithstanding the
foregoing, without the consent of the affected holder of the common or
preferred securities of Everest Capital Trust, the trust agreement may not be
amended to:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">change the amount or timing of any distribution on the common or
preferred securities of the trust or otherwise adversely affect the amount of
any distribution required to be made in respect of the securities as of a
specified date; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">restrict the right of a holder of any securities to institute
suit for the enforcement of any payment on or after the distribution date.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In addition, no amendment may be made to the
trust agreement if the amendment would:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">cause the trust to be taxable as a corporation or characterized
as other than a grantor trust for United States&#8217; federal income tax purposes;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">cause the junior subordinated debt securities held by the trust
to not be treated as indebtedness of Everest Holdings for United States federal
income tax purposes;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">cause the trust to be deemed to be an investment company required
to be registered under the Investment Company Act; or</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">impose any additional obligation on Everest Holdings or any
administrative trustee of the trust without its consent.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Removal and Replacement of Trustees</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holder of Everest Capital Trust&#8217;s common
securities may remove or replace any of the administrative trustees and, unless
an event of default has occurred and is continuing under the junior
subordinated indenture, the property and Delaware trustees of the trust.&#160; If an
event of default has occurred and is continuing under the junior subordinated
indenture, only the holders of at least a majority in aggregate liquidation
amount of the trust&#8217;s preferred securities may remove or replace the property
and Delaware trustees.&#160; The resignation or removal of any trustee will be
effective only upon the acceptance of appointment by the successor trustee in
accordance with the provisions of the trust agreement.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Merger or Consolidation of Trustees</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Any entity into which the property trustee or
the Delaware trustee or any administrative trustee may be merged or converted
or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the trustee shall be a party, or any
entity succeeding to all or substantially all of the corporate trust business
of the trustee, shall be the successor of the trustee under the trust
agreement; provided, however, that the entity shall be otherwise qualified and
eligible.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Information Concerning the Property Trustee</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">For matters relating to compliance with the
Trust Indenture Act, the property trustee will have all of the duties and
responsibilities of an indenture trustee under the Trust Indenture Act.&#160; The
property trustee, other than during the occurrence and continuance of an event
of default under the trust agreement, undertakes to perform only the duties as
are specifically set forth in the trust agreement and, after an event of
default, must use the same degree of care and skill as a prudent person would
exercise or use in the conduct of his or her own affairs.&#160; Subject to this
provision, the property trustee is under no obligation to exercise any of the
powers given it by the trust agreement at the request of any holder of the
preferred securities unless it is offered security or indemnity satisfactory to
it against the costs, expenses and liabilities that it might incur.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The Bank of New York Mellon, which is the
property trustee for Everest Capital Trust, also serves as the guarantee
trustee under the preferred securities guarantees described below.&#160; Everest
Group, Everest Holdings and certain of our affiliates maintain banking
relationships with The Bank of New York Mellon.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Miscellaneous</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The administrative trustees of Everest Capital
Trust are authorized and directed to conduct the affairs of and to operate each
trust in such a way that:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">it will not be taxable as a corporation or classified as other than
a grantor trust for United States federal income tax purposes;</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">30</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the junior subordinated debt securities held by it will be
treated as indebtedness of Everest Holdings for United States federal income
tax purposes; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">it will not be deemed to be an investment company required to be
registered under the Investment Company Act.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The administrative trustees of Everest Capital
Trust are each authorized to take any action, so long as it is consistent with
applicable law, the certificate of trust and the trust agreement and does not
adversely affect in any material respect the interests of Everest Holdings,
that such administrative trustee determines to be necessary or desirable for
the above purposes.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Registered holders of the preferred securities
have no preemptive or similar rights.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Capital Trust may not incur
indebtedness or place a lien on any of its assets.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Governing Law</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The trust agreement and the preferred
securities of Everest Capital Trust will be governed by the laws of the State
of Delaware.</font></p>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000030"></a><a name="_Toc82494803"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">31</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">DESCRIPTION OF THE TRUST PREFERRED SECURITIES GUARANTEES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Concurrently with the issuance by Everest
Capital Trust of its preferred securities, a preferred securities guarantee
will be issued pursuant to a guarantee agreement between Everest Holdings, as
guarantor, and The Bank of New York Mellon, as successor in interest to
JPMorgan Chase Bank, N.A., as the guarantee trustee.&#160; Everest Group may also
guarantee Everest Holdings&#8217; obligations under the preferred securities
guarantees.&#160; The guarantee agreements have been filed as an exhibit to the
registration statement of which this prospectus is a part.&#160; The guarantee
agreements have been qualified under the U.S. Trust Indenture Act of 1939.&#160; The
terms of the preferred securities guarantees will include those stated in the
guarantee agreements and those made part of the guarantee agreements by
reference to the Trust Indenture Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The guarantee agreements will be held by the
guarantee trustee for the benefit of the holders of preferred securities of the
trusts.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">General</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The guarantor will irrevocably and
unconditionally agree to pay in full, to the holders of the preferred
securities of Everest Capital Trust, the guarantee payments described below,
except to the extent previously paid.&#160; The guarantor will pay the guarantee
payments when and as due, regardless of any defense, right of set-off or
counterclaim that Everest Capital Trust may have or assert.&#160; The following
payments, to the extent not paid by the trust, will be covered by each
preferred securities guarantee:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">any accumulated and unpaid distributions required to be paid on
the preferred securities of the trust, to the extent the trust has funds
available to make the payment;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the redemption price, to the extent that the trust has funds
available to make the payment; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">upon a voluntary or involuntary termination, winding-up or
liquidation of the trust, other than in connection with a distribution of
related junior subordinated debt securities to holders of the preferred
securities, the lesser of:</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Courier New" lang="EN-US" style="font-size:10.0pt;"> &#9744; </font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp; </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the aggregate
of the liquidation amounts specified in the prospectus supplement for each
preferred security plus all accumulated and unpaid distributions on the
preferred security to the date of payment, to the extent the trust has funds
available to make the payment; and</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Courier New" lang="EN-US" style="font-size:10.0pt;"> &#9744; </font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp; </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the
amount of assets of the trust remaining available for distribution to holders
of its preferred securities upon liquidation of such trust.</font></p>

<p style="margin:0in;margin-left:.75in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The guarantor&#8217;s obligation to make a guarantee
payment may be satisfied by directly paying the required amounts to the holders
of the preferred securities or by causing Everest Capital Trust to pay the
amounts to the holders.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each preferred securities guarantee will be
subject to the subordination provisions described below and will not apply to
the payment of distributions and other payments on the preferred securities
when Everest Capital Trust does not have sufficient funds legally and
immediately available to make the distributions or other payments.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Status of the Preferred Securities Guarantees</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The preferred securities guarantees will
constitute unsecured obligations of Everest Holdings, as guarantor, and may
constitute unsecured obligations of Everest Group, as additional guarantor, and
will rank:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">subordinate and junior in right of payment to all of the
guarantor&#8217;s other liabilities except those that rank equally or are subordinate
by their terms; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">equal with any other preferred securities guarantee now or
hereafter issued by the guarantor of the related junior subordinated debt securities
on behalf of the holders of the preferred securities issued by any other trust.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">If Everest Group guarantees the trust preferred
securities, Everest Group will make all payments of principal of and premium,
if any, interest and any additional amounts on, or in respect of, the trust
preferred securities without withholding or deduction at source for, or on
account of, any present or future taxes, fees, duties, assessments or
governmental charges of whatever nature imposed or levied by or on behalf of
Bermuda or any other jurisdiction in which any of its successors under the
applicable guarantee may be organized.&#160; See also &#8220;Description of the Debt
Securities-Payment of Additional Amounts&#8221; above.</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each preferred
securities guarantee will constitute a guarantee of payment and not of
collection.&#160; This means that the holder of the guaranteed security may sue the
guarantor to enforce its rights under the preferred securities guarantee
without first suing any other person or entity.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Amendments and Assignment</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">No consent of the holders of the preferred
securities of Everest Capital Trust will be required with respect to any
changes to the related preferred securities guarantee that do not adversely
affect the rights of the holders of the preferred securities in any material
respect.&#160; Other amendments to each preferred securities guarantee may be made
only with the prior approval of the holders of at least a majority in aggregate
liquidation amount of the related preferred securities.&#160; All guarantees and
agreements contained in the preferred securities guarantees will be binding on
the guarantor&#8217;s successors, assigns, receivers, trustees and representatives
and are for the benefit of the holders of the preferred securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Events of Default</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">An event of default under each preferred
securities guarantee occurs if the guarantor fails to make any of its required
payments or fails to perform any of its other obligations, and this failure
continues for 30 days, under the preferred securities guarantee.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holders of at least a majority in aggregate
liquidation amount of the preferred securities of Everest Capital Trust will
have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the guarantee trustee relating to the related
preferred securities guarantee or to direct the exercise of any trust or power
given to the guarantee trustee under the preferred securities guarantee.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The holders of a majority in liquidation amount
of preferred securities may waive any past event of default and its
consequences under the related preferred securities guarantee.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Information Concerning the Guarantee Trustee</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The guarantee trustee under each preferred
securities guarantee, other than during the occurrence and continuance of an
event of default under the preferred securities guarantee, will perform only
the duties that are specifically described in the preferred securities
guarantee.&#160; After any event of default, the guarantee trustee will exercise the
same degree of care and skill as a prudent person would exercise or use in the
conduct of his or her own affairs.&#160; Subject to this provision, the guarantee
trustee is under no obligation to exercise any of its powers as described in a
preferred securities guarantee at the request of any holder of preferred
securities of Everest Capital Trust unless it is offered reasonable security
and indemnity against the costs, expenses and liabilities that it might incur.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The Bank of New York Mellon, which is the
guarantee trustee, also serves as the indenture trustee and the property
trustee for Everest Capital Trust.&#160; Everest Group, Everest Holdings and certain
of our affiliates maintain banking relationships with The Bank of New York
Mellon.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Termination of the Preferred Securities Guarantees</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each preferred securities guarantee will
terminate once the related preferred securities are paid in full or redeemed in
full or upon distribution of the related junior subordinated debt securities to
the holders of the preferred securities in accordance with the trust agreement.&#160;
Each preferred securities guarantee will continue to be effective or will be
reinstated if at any time any holder of the related preferred securities must
restore payment of any sums paid under the preferred securities or the
preferred securities guarantee.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Governing Law</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each preferred securities guarantee will be
governed by the laws of the State of New York.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Description of the Expense Agreements</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings, as guarantor of Everest
Capital Trust&#8217;s preferred securities, and Everest Group, if it is also a
guarantor of the preferred securities, will execute an expense agreement at the
same time that Everest Capital Trust issues any preferred securities.&#160; Under
each expense agreement, the guarantor will irrevocably and unconditionally
guarantee to each creditor of Everest Capital Trust the full amount of the
trust&#8217;s costs, expenses and liabilities, other than the amounts owed to holders
of its preferred and common securities pursuant to the terms of those
securities.&#160; Third parties will be entitled to enforce the expense agreements.&#160;
A form of the expense agreements has been filed as an exhibit to the
registration statement of which this prospectus is a part.</font></p>


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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The guarantor&#8217;s
obligations under the expense agreements will be subordinated in right of
payment to the same extent as the preferred securities guarantees.&#160; The expense
agreements will contain provisions regarding amendment, termination,
assignment, succession and governing law similar to those contained in the
preferred securities guarantees.</font></p>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">34</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">RELATIONSHIP OF THE TRUST PREFERRED SECURITIES, THE<br>
PREFERRED SECURITIES GUARANTEES AND THE DEBT<br>
SECURITIES HELD BY EVEREST CAPITAL TRUST</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Payments of distributions and redemption and
liquidation payments due on the preferred securities of Everest Capital Trust,
to the extent the trust has funds available for the payments, will be
guaranteed by the guarantor to the extent described under &#8220;Description of the
Trust Preferred Securities Guarantees.&#8221; No single document executed by the
guarantor in connection with the issuance of the preferred securities will
provide for a full, irrevocable and unconditional guarantee of the preferred
securities.&#160; It is only the combined operation of the guarantor&#8217;s obligations
under the preferred securities guarantees, the trust agreement, the junior
subordinated indenture, the related junior subordinated debt securities and the
expense agreements that has the effect of providing a full, irrevocable and
unconditional guarantee of the trust&#8217;s obligations under the preferred
securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">As long as the issuer of the junior
subordinated debt securities makes payments of interest and other payments when
due on the junior subordinated debt securities held by Everest Capital Trust,
the payments will be sufficient to cover the payment of distributions and
redemption and liquidation payments due on the preferred securities, primarily
because:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the aggregate principal amount of the junior subordinated debt
securities will be equal to the sum of the aggregate liquidation amounts of the
preferred and common securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the interest rate and interest and other payment dates on the
junior subordinated debt securities will match the distribution rate and
distribution and other payment dates for the preferred securities;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the guarantor has agreed to pay for any and all costs, expenses
and liabilities of the trust, except the trust&#8217;s obligations under its
preferred securities; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the trust agreement provides that the trust will not engage in
any activity that is inconsistent with its limited purposes.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">If and to the extent that Everest Holdings does
not make payments on the junior subordinated debt securities held by Everest
Capital Trust, the trust will not have funds available to make payments of
distributions or other amounts due on the preferred securities.&#160; In those
circumstances, a holder of the preferred securities of the trust will not be
able to rely upon the related preferred securities guarantee for payment of
these amounts.&#160; Instead, the holder may directly sue the guarantor to collect
its pro rata share of payments owed.&#160; If a holder sues the guarantor to collect
payment, then the guarantor will assume the holder&#8217;s rights as a holder of
preferred securities under the trust agreement to the extent the guarantor
makes a payment to the holder in any legal action.</font></p>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EXPERTS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The financial statements and management&#8217;s
assessment of the effectiveness of internal control over financial reporting
(which is included in Management&#8217;s Report on Internal Control over Financial
Reporting) incorporated in this Prospectus by reference to Everest Re Group,
Ltd.&#8217;s Annual Report on Form 10-K for the year ended December 31, 2020 have
been so incorporated in reliance on the report of PricewaterhouseCoopers LLP,
an independent registered public accounting firm, given on the authority of
said firm as experts in auditing and accounting.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The financial statements incorporated in this
Prospectus by reference to Everest Reinsurance Holdings, Inc.&#8217;s Annual Report
on Form 10-K for the year ended December 31, 2020 have been so incorporated in
reliance on the report of PricewaterhouseCoopers LLP, an independent registered
public accounting firm, given on the authority of said firm as experts in
auditing and accounting.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000033"></a><a name="_Toc82494806"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">LEGAL
MATTERS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Conyers Dill &amp; Pearman Limited, Hamilton,
Bermuda, will pass on the validity of securities issued by Everest Group.&#160; Mayer
Brown LLP, New York, New York, will pass upon the validity of the securities
issued by Everest Holdings.&#160; Richards, Layton &amp; Finger, P.A., Wilmington,
Delaware, will pass upon the validity of the preferred securities issued by
Everest Capital Trust.&#160; Additional legal matters may be passed upon for any
underwriters, dealers or agents by counsel that we will name in the applicable
prospectus supplement.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000034"></a><a name="_Toc82494807"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">ENFORCEMENT
OF CIVIL LIABILITIES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group is incorporated and organized
under the laws of Bermuda.&#160; In addition, some of our directors or officers, as
well as some of the experts named in this prospectus, reside outside of the
United States.&#160; A substantial portion of our and their assets are located
outside of the United States.&#160; As a result, it may be difficult for you to
effect service of process within the United States on Everest Group and its
directors, officers and experts who reside outside the United States or to
enforce in the United States judgments of U.S. courts obtained in actions
against Everest Group or its directors and officers, as well as the experts
named in this prospectus, who reside outside the United States.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">We have been advised by our special Bermuda
counsel, Conyers Dill &amp; Pearman Limited, that a judgment for the payment of
money rendered by a court in the United States based on civil liability,
including the civil liability provisions of the U.S. federal securities laws,
would not be automatically enforceable in Bermuda.&#160; We also have been advised
by Conyers Dill &amp; Pearman Limited that a Bermuda court would be likely to
enforce a final and conclusive judgment in personam, which means a judgment
against a specific person rather than against specific property, obtained in a
court in the United States under which a sum of money is payable, other than a
sum of money payable in respect of multiple damages, taxes or other charges of
a similar nature or in respect of a fine or other penalty, provided that:</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the U.S. court had proper jurisdiction over the parties subject
to such judgment;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the U.S. court did not contravene the rules of natural justice of
Bermuda;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the judgment of the U.S. court was not obtained by fraud;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">the enforcement of the judgment would not be contrary to the
public policy of Bermuda;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">no new admissible evidence relevant to the action is submitted
prior to the rendering of the judgment by the courts of Bermuda; and</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">there is due compliance with the correct procedures under the
laws of Bermuda.</font></p>

<p style="margin:0in;margin-left:.5in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Further, we have been advised by Conyers Dill
&amp; Pearman Limited that a U.S. investor cannot bring an original action
before a Bermuda court against Everest Group, affiliates of Everest Group, the
underwriters or any expert named in this prospectus based on U.S. legislation,
including the U.S. federal securities laws, because U.S. legislation has no
extraterritorial jurisdiction under Bermuda law and does not have force of law
in Bermuda.&#160; However, we have also been advised by Conyers Dill &amp; Pearman
Limited that a Bermuda court may impose civil liability, including the
possibility of monetary damages, on Everest Group or its directors or officers
if the facts alleged in a complaint constitute or give rise to a cause of
action under Bermuda law.&#160; Some remedies available under the </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">36</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">laws of U.S. jurisdictions, including some remedies
available under the U.S. federal securities laws, may not be allowed in Bermuda
courts as contrary to Bermuda public policy.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000035"></a><a name="_Toc82494808"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">WHERE YOU
CAN FIND MORE INFORMATION</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Available Information</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">This prospectus is part of a registration
statement that we filed with the SEC.&#160; The registration statement, including
the attached exhibits, contains additional relevant information about Everest
Group, Everest Holdings and Everest Capital Trust.&#160; The rules and regulations
of the SEC allow us to omit some of the information included in the
registration statement from this prospectus.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group and Everest Holdings file
reports, proxy statements and other information with the SEC under the Exchange
Act.&#160; You can read and copy any of this information in the SEC&#8217;s Public
Reference Room, 100 F Street, N.E., Room 1580, Washington, D.C. 20549.&#160; You may
also obtain copies of this information by mail from the Public Reference
Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549, at
prescribed rates.&#160; You may obtain information on the operation of the SEC&#8217;s
Public Reference Room in Washington, D.C. by calling the SEC at 1-800-SEC-0330.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The SEC also maintains an Internet web site
that contains reports, proxy statements and other information about issuers,
like Everest Group and Everest Holdings, that file electronically with the SEC.&#160;
The address of that site is http://www.sec.gov.&#160; The SEC file number for
documents filed by Everest Group under the Exchange Act is 001-15731 and the
SEC file number for documents filed by Everest Holdings under the Exchange Act
is 033-71652.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s common shares are listed on the
New York Stock Exchange and its trading symbol is &#8220;RE.&#8221; You can inspect
reports, proxy statements and other information concerning Everest Group at the
offices of the New York Stock Exchange at 20 Broad Street, New York, New York
10005.&#160; For further information on obtaining copies of Everest Group&#8217;s public
filings at the NYSE, you should call (212) 656-5060.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Incorporation by Reference</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">SEC rules permit us to &#8220;incorporate by
reference&#8221; the information contained in documents that we file with the SEC,
which means that we can disclose important information to you by referring you
to those documents.&#160; The information incorporated by reference is considered to
be part of this prospectus supplement and supersedes information incorporated
by reference that we filed with the SEC prior to the date of this prospectus
supplement.&#160; Information that we file in the future with the SEC automatically
will update and supersede, as appropriate, the information contained in the
prospectus supplement and in the documents previously filed with the SEC and
incorporated by reference into this prospectus supplement.&#160; We incorporate by
reference the documents listed below and any future filings we will make with
the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding
any information that is deemed to have been &#8220;furnished&#8221; and not &#8220;filed&#8221; with
the SEC) on or after the date of this prospectus supplement but before the end
of the offering made under this prospectus supplement:</font></p>

<p style="margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2021;</font></p>

<p style="margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings&#8217; Quarterly Report on Form 10-Q for the quarter
ended June 30, 2021;</font></p>

<p style="margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2021;</font></p>

<p style="margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings&#8217; Quarterly Report on Form 10-Q for the quarter
ended March 31, 2021;</font></p>

<p style="margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s Annual Report on Form 10-K for the year ended
December 31, 2020;</font></p>

<p style="margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings&#8217; Annual Report on Form 10-K for the year ended
December 31, 2020;</font></p>

<p style="margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group&#8217;s Current Reports on Form 8-K filed on May 10, 2021
and May 14, 2021.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Symbol" lang="EN-US" style="font-size:10.0pt;">&#183;</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">The description of the common shares included in the Registration
Statement on Form 8-A, dated March 8, 2000, filed under Section 12 of the
Exchange Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Upon request, we will provide without charge to
each person to whom a copy of this prospectus has been delivered a copy of any
and all of these filings.&#160; You may request a copy of these filings by writing
or telephoning us at:</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">37</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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</div>
<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">Everest Global Services,
Inc.</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">100 Everest Way<br>
Warren, New Jersey 07059</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">Attention: Sanjoy Mukherjee</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;font-weight:normal;">(908) 604-3000</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Persons resident in Bermuda, for Bermuda
exchange control purposes, may require the prior approval of the Bermuda
Monetary Authority in order to acquire any offered securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Pursuant to the Companies Act 1981 of Bermuda,
there is no requirement to file this prospectus or any prospectus supplement
made pursuant hereto with the Registrar of Companies in Bermuda.&#160; Neither the
Bermuda Monetary Authority, the Registrar of Companies of Bermuda nor any other
relevant Bermuda authority or government body accept any responsibility for the
financial soundness of any proposal or for the correctness of any of the
statements made or opinions expressed herein.</font></p>




<p style="margin:0in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></b></p>

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</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">PART II</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="_Toc256000037"></a><a name="_Toc82494810"></a><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">INFORMATION
NOT REQUIRED IN PROSPECTUS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Item 14.&#160; Other Expenses of Issuance and Distribution.</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Item 15.&#160; Indemnification of Officers and Directors.</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group is a Bermuda company. Section 98
of the Companies Act 1981 of Bermuda provides generally that a Bermuda company
may indemnify its directors, officers and auditors against any liability which
by virtue of rule of law or otherwise would be imposed on them, except in cases
where such liability arises from fraud or dishonesty of which such director,
officer or auditor may be guilty in relation to the company.&#160; Section 98
further provides that a Bermuda company may indemnify its directors, officers
and auditors against any liability incurred by them in defending any
proceedings, whether civil or criminal, in which judgment is awarded in their
favor or they are acquitted or in which they are acquitted or granted relief by
the Supreme Court of Bermuda in certain proceedings arising under Section 281
of the Companies Act 1981 of Bermuda.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Section 30 of Everest Group&#8217;s bye-laws provides
that: (a) the directors, officers and employees of Everest Group shall be
indemnified out of the funds of Everest Group from and against (and the agents
of Everest Group may be indemnified from and against) all actions, costs,
charges, losses, damages and expenses which they shall incur by reason of any
act done in connection with their duty as a director, officer, employee or
agent of Everest Group; and (b) expenses will be paid in advance of the final
disposition of any action upon receipt of an undertaking to repay such amounts
if it is ultimately determined that they are not entitled to indemnification.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Section 31 of Everest Group&#8217;s bye-laws provides
that each shareholder agrees to waive any claim or right of action such
shareholder might have against any director or officer on account of any action
taken by such director or officer, or the failure of such director or officer
to take any action in the performance of his or her duties with or for Everest
Group, provided that such waiver does not extend to any matter in respect of
any fraud or dishonesty that may attach to such director or officer.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Holdings</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Under Delaware law, a corporation may indemnify
a director or officer who becomes a party to an action, suit or proceeding
because of his position as a director or officer if (1) the director or officer
acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the corporation and (2) if the action or proceeding
involves a criminal offense, the director or officer had no reasonable cause to
believe his conduct was unlawful.&#160; A similar standard is applicable in the case
of actions by or in the right of the corporation, except that indemnification
only extends to expenses (including attorneys&#8217; fees) actually and reasonably
incurred in connection with the defense or settlement of such action, and no
indemnification shall be made where the person seeking indemnification has been
found liable to the corporation, unless and only to the extent that a court
determines is fair and reasonable in view of all circumstances.&#160; Article VII of
the certificate of incorporation of Everest Holdings provides that Everest
Holdings shall, to the fullest extent permitted by Delaware General Corporation
Law: (x) indemnify its officers, directors, employees and agents and (y)
advance expenses incurred by its officers, directors, employees or agents in
relation to any action, suit or proceeding.&#160; Article VII of the certificate of
incorporation of Everest Holdings further provides that Everest Holdings may
purchase and maintain insurance on behalf of any person who is or was a
director, officer, employee or agent of Everest Holdings, or who is or was
serving at the request of Everest Holdings as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, against any liability asserted against him and incurred by him
arising in such capacity, whether or not Everest holdings would be able to
indemnify him against such liability under the provisions of the Delaware
General Corporation Law.&#160; In addition, Article VII of the certificate of
incorporation of Everest Holdings provides that its directors shall not be
personally liable to Everest Holdings or its stockholders for monetary damages
for breach of fiduciary duty, except for liability (a) for any breach of the
director&#8217;s duty of loyalty; (b) for acts or omissions not in good faith or
which involve intentional misconduct or a knowing violation of law; (c) under
Section 174 of the Delaware General Corporation Law (relating to dividends and
repurchases of stock); and (d) for any transaction from which the director
derived an improper personal benefit.</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">39</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_45"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">In addition to
reiterating the indemnification provisions of the certificate of incorporation
of Everest Holdings, Article IX, Section 2 of the bye-laws of Everest Holdings
provides that the indemnification of any director, officer, employee or agent
includes reimbursement of expenses (including attorneys&#8217; fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by him in
connection with the defense or settlement of an action, suit or proceeding.&#160; Article
IX, Section 2 also provides that advancements of expenses shall be paid to the
director, officer, employee or agent at reasonable intervals in advance of the
final disposition of any action, suit or proceeding, upon receipt of an
undertaking to repay any amounts advanced by Everest Holdings if it shall
ultimately be determined that the person who was advanced any amounts is not
entitled to indemnification.&#160; If an indemnification claim is not paid in a
timely manner to the director, officer, employee or agent, the person has the
right to bring suit against Everest Holdings to recover the unpaid amount of
the claim.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Everest Group and Everest Holdings also
maintain insurance on their directors and officers, which covers liabilities
under the federal securities laws, excluding losses arising from any claim
relating to any deliberately dishonest or fraudulent act or omission, any
criminal or malicious act or omission, any willful violation of law or any
accounting for profits for the purchase or sale of securities within the
meaning of Section 16(b) of the Exchange Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Item 16.&#160; Exhibits.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;"><u><font face="Times New Roman,serif" style="font-size:10.0pt;">Exhibit
  Number</font></u></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;"><u><font face="Times New Roman,serif" style="font-size:10.0pt;">Description</font></u></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">3.1</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex32.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Certificate
  of Trust of Everest Re Capital Trust III (incorporated herein by reference to
  Exhibit 3.2 to the Registration Statement on Form S-3 (No. 333-106595)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.1</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1095073/000095013199006791/0000950131-99-006791.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Specimen
  Everest Re Group, Ltd. common share certificate (incorporated herein by
  reference to Exhibit 4.1 to the Registration Statement on Form S-4 (No.
  333-87361)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.2</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex42.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Form
  of Senior Indenture between Everest Re Group Ltd. and The Bank of New York
  Mellon, as successor in interest to JPMorgan Chase Bank, N.A., as trustee
  (including form of senior note) (incorporated herein by reference to Exhibit
  4.2 to the Registration Statement on Form S-3 (No. 333-106595).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.3</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000095013100001763/0000950131-00-001763.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Senior
  Indenture, dated as of March 14, 2000, between Everest Reinsurance Holdings,
  Inc. and The Bank of New York Mellon, as successor in interest to The Chase
  Manhattan Bank, as trustee (including form of senior note) (incorporated
  herein by reference to Exhibit 4.1 to the Form 8-K filed by Everest
  Reinsurance Holdings, Inc. on March 15, 2000).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.4</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex44.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Form
  of Junior Subordinated Indenture between Everest Re Group Ltd. and The Bank
  of New York Mellon, as successor in interest to JPMorgan Chase Bank, N.A., as
  trustee (including form of junior subordinated note) (incorporated herein by
  reference to Exhibit 4.4 to the Registration Statement on Form S-3 (No.
  333-106595)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.5</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex45.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Junior
  Subordinated Indenture, dated as of November 14, 2002, between Everest
  Reinsurance Holdings, Inc. and The Bank of New York Mellon, as successor in
  interest to JPMorgan Chase Bank, N.A., as trustee (including form of junior
  subordinated note) (incorporated herein by reference to Exhibit 4.5 to the
  Registration Statement on Form S-3 (No. 333-106595)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">*4.6</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Warrant Agreement between
  Everest Re Group, Ltd. and the Warrant Agent.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">*4.7</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Share Purchase Contract.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.8</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex410.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Trust
  Agreement for Everest Re Capital Trust III (incorporated herein by reference
  to Exhibit 4.10 to the Registration Statement on Form S-3 (No. 333-106595)).</font></u></a></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">40</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.9</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex411.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Amended
  and Restated Trust Agreement of Everest Re Capital Trust III (incorporated
  herein by reference to Exhibit 4.11 to the Registration Statement on Form S-3
  (No. 333-106595)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.10</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex412.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Guarantee
  Agreement by Everest Reinsurance Holdings, Inc. of Preferred Securities of
  Everest Re Capital Trust III (incorporated herein by reference to Exhibit
  4.12 to the Registration Statement on Form S-3 (No. 333-106595)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.11</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex410.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Guarantee
  Agreement by Everest Re Group, Ltd. of Preferred Securities of Everest Re
  Capital Trust III (incorporated herein by reference to Exhibit 4.11 to the
  Registration Statement on Form S-3 (No. 333-227297)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.12</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/914748/000119312503014160/dex413.txt"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Expense
  Agreement of Everest Re Capital Trust III (incorporated herein by reference
  to Exhibit 4.13 to the Registration Statement on Form S-3 (No. 333-106595)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">4.13</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1095073/000109507308000041/certamendevrecaptrus.htm"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Certificate
  of Amendment to Certificate of Trust naming BNY Mellon Trust of Delaware as
  the Delaware Trustee of Everest Re Capital Trust III (incorporated herein by
  reference to Exhibit 4.12 to the Registration Statement on Form S-3 (No.
  333-156204)).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">5.1</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex51.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Opinion
  of Mayer Brown LLP, counsel for Everest Reinsurance Holdings, Inc., as to the
  validity of the debt securities of Everest Reinsurance Holdings, Inc., the
  guarantee by Everest Reinsurance Holdings, Inc. of preferred securities
  issued by Everest Re Capital Trust III, and the debt securities, warrants,
  share purchase contracts, share purchase units, debt securities guarantees
  and preferred securities guarantees of Everest Re Group, Ltd.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">5.2</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex52.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Opinion
  of Conyers Dill &amp; Pearman Limited, special Bermuda counsel for Everest Re
  Group, Ltd., as to the validity of the common shares, preferred shares, debt
  securities, warrants, share purchase units and the guarantee of debt
  securities and preferred securities by Everest Re Group, Ltd.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">5.3</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex53.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Opinion
  of Richards, Layton &amp; Finger, P.A., special Delaware counsel for Everest
  Reinsurance Holdings, Inc. and Everest Re Capital Trust III as to the
  validity of the preferred securities of Everest Re Capital Trust III.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">23.1</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex231.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Consent
  of PricewaterhouseCoopers LLP for Everest Re Group, Ltd.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">23.2</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex232.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Consent
  of PricewaterhouseCoopers LLP for Everest Reinsurance Holdings, Inc.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">23.3</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex51.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Consent
  of Mayer Brown LLP (included in Exhibit 5.1).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">23.4</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex52.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Consent
  of Conyers Dill &amp; Pearman Limited (included in Exhibit 5.2).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">23.5</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex53.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Consent
  of Richards, Layton &amp; Finger, P.A. (included in Exhibit 5.3).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">24.1</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="#attorney"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Powers
  of Attorney (included on the signature pages).</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">25.1</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex251.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Statement
  of Eligibility of The Bank of New York Mellon on Form T-1, as trustee for the
  form of Senior Indenture relating to the Everest Re Group, Ltd. Senior Debt
  Securities.</font></u></a></p>
  </td>
 </tr>
</table></div>



<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


<div bclfooter="">

 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">41</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_47"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">25.2</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex252.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Statement
  of Eligibility of The Bank of New York Mellon on Form T-1, as trustee for the
  Senior Indenture dated as of March 14, 2000 relating to the Everest
  Reinsurance Holdings, Inc. Senior Debt Securities and Guarantee of Senior
  Debt Securities of Everest Reinsurance Holdings, Inc. by Everest Re Group,
  Ltd.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">25.3</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex253.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Statement
  of Eligibility of The Bank of New York Mellon on Form T-1, as trustee for the
  form of Junior Subordinated Indenture relating to the Everest Re Group, Ltd.
  Junior Subordinated Debt Securities.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">25.4</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex254.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Statement
  of Eligibility of The Bank of New York Mellon on Form T-1, as trustee for the
  Junior Subordinated Indenture dated as of November 14, 2002 relating to the
  Everest Reinsurance Holdings, Inc. Junior Subordinated Debt Securities and
  Guarantee of Junior Subordinated Debt Securities of Everest Reinsurance
  Holdings, Inc. by Everest Re Group, Ltd.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">25.5</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex255.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Statement
  of Eligibility of The Bank of New York Mellon on Form T-1, as property
  trustee with respect to the Amended and Revised Trust Agreement of Everest Re
  Capital Trust III.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">25.6</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex256.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Statement
  of Eligibility of The Bank of New York Mellon on Form T-1, as preferred
  securities guarantee trustee with respect to the Preferred Securities
  Guarantee Agreement of Everest Re Group, Ltd. for the benefit of the holders
  of Preferred Securities of Everest Re Capital Trust III.</font></u></a></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="18%" style="padding:0in 0in 0in 0in;">
  <p align="right" style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:10.0pt;">25.7</font></p>
  </td>
 <td valign="top" width="82%" style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a href="ex257.htm" style="-sec-extract:exhibit"><u><font color="blue" face="Times New Roman,serif" style="font-size:10.0pt;">Statement
  of Eligibility of The Bank of New York Mellon on Form T-1, as preferred
  securities guarantee trustee with respect to the Preferred Securities
  Guarantee Agreement of Everest Reinsurance Holdings, Inc. relating to
  guarantees of Preferred Securities of Everest Re Capital Trust III.</font></u></a></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;">*&#160;&#160;&#160;&#160;&#160; To be filed, if necessary, by a prospectus
supplement or post-effective amendment to this registration statement or
incorporated by reference pursuant to a Current Report on Form 8-K in
connection with an offering of securities.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Item 17.&#160; Undertakings.</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each undersigned
registrant hereby undertakes:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">To file, during any period in which offers or sales
are being made, a post-effective amendment to this registration statement:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to include any
prospectus required by Section 10(a)(3) of the Securities Act of 1933;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to reflect in
the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement.&#160; Notwithstanding the
foregoing, any increase or decrease in the volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the SEC
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20 percent change in the maximum aggregate offering
price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective
registration statement; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">provided</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">, </font><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">however</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">, that (i), (ii) and (iii)
do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished
to the SEC by the applicable registrant </font><!-- Do not modify beyond this point! !--><a name="bcl_connect_next"></a></p>
<div bclfooter="">

 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">42</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_48"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="bcl_connect_prev"></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">That, for the purpose of determining any
liability under the Securities Act of 1933, each post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered
in the post-effective amendment, and the offering of those securities at that
time shall be deemed to be the initial </font><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">bona fide</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"> offering thereof.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">To remove from registration by means of
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">That, for purposes of determining any liability
under the Securities Act of 1933 to any purchaser:</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
prospectus filed by a registrant pursuant to Rule 424(b)(3) shall be deemed to
be part of the registration statement as of the date the filed prospectus was
deemed part of and included in the registration statement; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as
part of a registration statement in reliance on Rule 430B relating to an
offering made pursuant to Rule 415(a)(l)(i), (vii) or (x) for the purpose of
providing the information required by Section 10(a) of the Securities Act of
1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after
effectiveness or the date of the first contract of sale of securities in the
offering described in the prospectus.&#160; As provided in Rule 430B, for liability
purposes of the issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which the
prospectus relates, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.&#160; </font><i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Provided, however</font></i><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">,
that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such effective date, supersede or modify any
statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately
prior to such effective date.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">That, for the purpose of determining liability
of a registrant under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities, each undersigned registrant undertakes
that in a primary offering of securities of an undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any preliminary prospectus or prospectus
of an undersigned registrant relating to the offering required to be filed
pursuant to Rule 424;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any free writing prospectus relating to
the offering prepared by or on behalf of an undersigned registrant or used or
referred to by an undersigned registrant;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The portion of any other free writing
prospectus relating to the offering containing material information about an
undersigned registrant or its securities provided by or on behalf of an
undersigned registrant; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any other communication that is an offer
in the offering made by an undersigned registrant to the purchaser.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">That, for purposes of determining any liability
under the Securities Act of 1933, each filing of Everest Group&#8217;s and Everest
Holdings&#8217; annual reports pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the
securities offered in this registration statement, and the offering of those
securities at that time shall be deemed to be the initial bona fide offering
thereof.</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">43</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">To provide to the
underwriter at the closing specified in the underwriting agreements
certificates in such denominations and registered in such names as required by
the underwriter to permit prompt delivery to each purchaser.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">To file an application for the purpose of
determining the eligibility of the trustees to act under subsection (a) of
Section 310 of the Trust Indenture Act in accordance with the rules and
regulations prescribed by the SEC under Section 305(b)(2) of the Trust
Indenture Act.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of each registrant pursuant to the provisions
described under Item 15 above, or otherwise, the registrants have been advised
that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable.&#160; In
the event that a claim for indemnification against such liabilities (other than
the payment by a registrant of expenses incurred or paid by a director, officer
or controlling person of any of the registrants in the successful defense of
any action, suit or proceeding) is asserted by any such director, officer or
controlling person in connection with the securities being registered, that
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act of 1933 and will be governed by the final adjudication
of such issue.
</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">44</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Pursuant to the requirement of the Securities
Act of 1933, Everest Re Group, Ltd. certifies that it has reasonable grounds to
believe that it meets all of the requirement for filing on Form S-3 and has
duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Warren, State of New
Jersey, on the 16th day of September, 2021.</font></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST RE GROUP, LTD.</font></b></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">BY:  </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">/s/ Juan C. Andrade&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"><br>
Juan C. Andrade<br>
President and Chief Executive Officer</font></p>




<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><a name="attorney"></a><a name="attorney_bclEnd"></a></p>
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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">45</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
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<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">POWER OF ATTORNEY</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each person whose signature appears below
constitutes and appoints each of Juan C. Andrade, Mark Kociancic and Sanjoy
Mukherjee such person&#8217;s true and lawful attorney-in-fact and agent, with full
and several power of substitution, for him or her and his or her name, place
and stead, in any and all capacities, to sign any and all amendments to this
Registration Statement, and all other documents in connection therewith
(including registration statements filed pursuant to Rule 462(b) of the
Securities Act of 1933), and to file the same, with all exhibits thereto, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them full power and authority to do and perform each
and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and
agents or any of them, or their substitutes, may lawfully do or cause to be
done.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below by the following
persons on behalf of the Registrant and in the capacities indicated on the on
the 16th day of September, 2021.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Signature</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Title</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Juan C. Andrade</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">President, Chief Executive
  Officer and Director</font></p>
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Principal Executive
  Officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Juan C. Andrade</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Mark Kociancic</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Executive Vice President
  and Chief Financial Officer</font></p>
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Principal Financial
  Officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Mark Kociancic</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Robert Freiling</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Senior Vice President and
  Chief Accounting Officer</font></p>
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Principal Accounting
  Officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Robert Freiling</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Joseph V. Taranto</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Chairman and Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Joseph V. Taranto</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ John J. Amore</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">John J. Amore</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="height:3.8pt;page-break-inside:avoid;">
  <td valign="top" width="26%" style="height:3.8pt;padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="height:3.8pt;padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="height:3.8pt;padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ William F. Galtney, Jr.</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">William F. Galtney, Jr. </font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ John Graf</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">John Graf</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Meryl Hartzband</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Meryl Hartzband</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Gerri Losquadro</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Gerri Losquadro</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Roger M. Singer</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Roger M. Singer</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ John A. Weber</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">John A. Weber</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
</table></div>






<p style="margin:0in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></b></p>


<div bclfooter="">

 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">46</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_52"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Pursuant to the
requirement of the Securities Act of 1933, Everest Reinsurance Holdings, Inc.
certifies that it has reasonable grounds to believe that it meets all of the
requirement for filing on Form S-3 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Warren, State of New Jersey, on the 16th day of
September, 2021.</font></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST REINSURANCE HOLDINGS, INC.</font></b></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="width:100%;">
 <tr>
  <td align="left" valign="top" style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">
  <p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">By:&#160; </font><u><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Juan C. Andrade&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Name:&#160; Juan C. Andrade</font></p>
  <p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Title: &#160;&#160;&#160;President and Chief Executive Officer</font></p>
  </td>
 </tr>
</table></div>



</div>




<p style="margin:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


<div bclfooter="">

 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">47</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_53"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin:0in;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">POWER OF ATTORNEY</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Each person whose signature appears below
constitutes and appoints each of Juan C. Andrade, Mark Kociancic and Sanjoy
Mukherjee such person&#8217;s true and lawful attorney-in-fact and agent, with full
and several power of substitution, for him or her and his or her name, place
and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and all other
documents in connection therewith (including registration statements filed pursuant
to Rule 462(b) of the Securities Act of 1933), and to file the same, with all
exhibits thereto, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them full power and authority to
do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as he or she
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their substitutes, may lawfully
do or cause to be done.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons on behalf of the Registrant and in
the capacities indicated on the 16th day of September, 2021.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;margin-left:.25pt;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Signature</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p align="center" style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Title</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Juan C. Andrade</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Chairman, President and
  Chief Executive Officer</font></p>
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Principal Executive
  Officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Juan C. Andrade</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Mark Kociancic</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Executive Vice President
  and Chief Financial Officer and</font></p>
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Director (Principal
  Financial Officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Mark Kociancic</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Robert Freiling</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td rowspan="2" valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Senior Vice President and
  Chief Accounting Officer</font></p>
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">(Principal Accounting
  Officer)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Robert Freiling</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;border-bottom:solid black 1.0pt;padding:.25pt .25pt .4pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Sanjoy Mukherjee</font></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Executive Vice President,
  General Counsel and Secretary</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="26%" style="border:none;padding:.4pt .25pt .25pt .25pt;">
  <p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman,serif" style="font-size:10.0pt;">Sanjoy Mukherjee</font></b></p>
  </td>
 <td valign="top" width="11%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 <td valign="top" width="63%" style="padding:.25pt .25pt .25pt .25pt;">&nbsp;</td>
 </tr>
</table></div>



<p style="margin:0in;margin-top:10.0pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>




<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></p>


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 <p align="center" style="border:none;margin:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font><font style="border:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">48</font></font><font style="border:none;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;"></font></font></font><font style="border:none;">&nbsp;</font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">Pursuant to the
requirement of the Securities Act of 1933, Everest Re Capital Trust III
certifies that it has reasonable grounds to believe that it meets all of the
requirement for filing on Form S-3 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Warren, State of New Jersey, on the 16th day of
September, 2021.</font></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">EVEREST RE CAPITAL TRUST III</font></b></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">By:&#160; Everest Reinsurance Holdings, Inc., as Depositor</font></b></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="width:100%;">
 <tr>
  <td align="left" valign="top" style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">
  <p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">By:&#160; </font><u><font face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Juan C. Andrade&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  <p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Name:&#160; Juan C. Andrade</font></p>
  <p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:10.0pt;">Title:&#160; &#160;&#160;Chairman, President and Chief Executive
  Officer</font></p>
  </td>
 </tr>
</table></div>



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<p style="margin:0in;"><font style="display:none;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;">&nbsp;</font></font></p>




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</DOCUMENT>
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<TYPE>EX-5.1
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<DESCRIPTION>EXHIBIT 5-1
<TEXT>
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  <p style="margin:0in;text-align:right;"><font face="Arial Narrow,sans-serif" style="font-size:7.0pt;">Mayer Brown LLP</font></p>
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  New York, NY 10020-1001<br>
  United States of America</font></p>
  <p style="margin:0in;text-align:right;"><font face="Arial Narrow,sans-serif" style="font-size:7.0pt;">Main Tel +1 212 506 2500<br>
  Main Fax +1 212 262 1910</font></p>
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  <p style="margin-bottom:14.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:7.0pt;">&nbsp;</font></p>
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  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:11.0pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">September
  16, 2021</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan="2" valign="top" width="100%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:6.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest Reinsurance Holdings,
  Inc. </font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">100 Everest Way</font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Warren, New Jersey 07059</font></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:6.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest Re Group, Ltd. </font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Seon Place &#8211; 4th Floor</font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">141 Front Street</font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">P.O. Box HM 845 </font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Hamilton, HM 19, Bermuda</font></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest Re Capital Trust III </font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">c/o Everest Reinsurance Holdings,
  Inc. </font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">100 Everest Way</font></p>
  <p style="margin-bottom:0in;margin-left:12.2pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Warren, New Jersey 07059</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan="2" valign="top" width="100%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
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  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Re:&#160;&#160;&#160;&#160;&#160;&#160; Registration
  Statement on Form S-3</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="Start"></a><a name="Start_bclEnd"></a><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;<br>
Ladies and Gentlemen:</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">We have
represented Everest Reinsurance Holdings, Inc., a Delaware corporation
(&#8220;Everest Holdings&#8221;), in connection with the preparation and filing with the
Securities and Exchange Commission (the &#8220;Commission&#8221;) pursuant to the
Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), of a Registration
Statement on Form S-3 (the &#8220;Registration Statement&#8221;) relating to debt
securities of Everest Holdings (the &#8220;Holdings Debt Securities&#8221;) and to
guarantees by Everest Holdings (the &#8220;Holdings Guarantees&#8221;) of trust preferred
securities (the &#8220;Preferred Securities&#8221;) of Everest Re Capital Trust&nbsp;III, a
Delaware statutory trust. We have also represented Everest Re Group, Ltd., a
Bermuda company (&#8220;Everest Group&#8221;), in connection with the preparation and
filing with the Commission pursuant to the Securities Act of the Registration
Statement relating to: (i)&nbsp;debt securities of Everest Group (the &#8220;Group
Debt Securities&#8221;); (ii)&nbsp;guarantees by Everest Group (the &#8220;Group Debt
Securities Guarantees&#8221;) of the Holdings Debt Securities; (iii)&nbsp;guarantees
by Everest Group (the &#8220;Group Preferred Securities Guarantees&#8221; and, collectively
with the Group Debt Securities Guarantees, the &#8220;Group Guarantees&#8221;) of the
Preferred Securities; (iv)&nbsp;warrants of Everest Group (the &#8220;Warrants&#8221;) to be
issued pursuant to the terms of one or more warrant agreements (the &#8220;Warrant
Agreements&#8221;) to be entered into prior to the issuance of the Warrants;
(v)&nbsp;share purchase contracts of Everest Group (the &#8220;Share Purchase
Contracts&#8221;); and (vi)&nbsp;share purchase units of Everest Group (the &#8220;Share
Purchase Units&#8221;). Certain terms of the Group Debt Securities, the Group
Guarantees, the Warrant Agreements, the</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:center;"><font face="Arial Narrow,sans-serif" lang="EN-US" style="font-size:8.5pt;">Mayer Brown is a global services provider comprising an
association of legal practices that are separate entities including<br>
Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer
Brown (a Hong Kong partnership)<br>
and Tauil &amp; Chequer Advogados (a Brazilian partnership).
</font></p>


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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Mayer Brown </font><font style="font-variant:small-caps;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">llp</font></font></p>
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  <td valign="top" width="49%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Reinsurance Holdings, Inc.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Group, Ltd.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Capital Trust III</font></p>
  </td>
 <td rowspan="3" valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="49%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">September
  16, 2021</font></p>
  </td>
 </tr>
<tr style="height:5.4pt;">
  <td valign="top" width="49%" style="height:5.4pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Page
  2</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">Warrants,
the Share Purchase Contracts and the Share Purchase Units will be authorized
and established by or pursuant to resolutions of Everest Group&#8217;s Board of
Directors or by </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">certain
officers of Everest Group who have been authorized by the Board of Directors to
take such action, as part of the corporate action taken and to be taken
relating to the issuance of those securities (the &#8220;Everest Group Corporate
Proceedings&#8221;). In addition, certain terms of the Holdings Debt Securities and
the Holdings Guarantees will be authorized and established by or pursuant to
resolutions of Everest Holdings&#8217; Board of Directors or by certain officers of
Everest Holdings who have been authorized by the Board of Directors to take
such action, as part of the corporate action taken and to be taken relating to
the issuance of those securities (the &#8220;Everest Holdings Corporate
Proceedings&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">In rendering the
opinions expressed herein, we have examined and relied upon such documents,
corporate records, certificates of public officials and certificates as to
factual matters executed by officers of Everest Holdings or Everest Group as we
have deemed necessary or appropriate. We have assumed the authenticity, accuracy
and completeness of all documents, records and certificates submitted to us as
originals, the conformity to the originals of all documents, records and
certificates submitted to us as copies and the authenticity, accuracy and
completeness of the originals of all documents, records and certificates
submitted to us as copies. We have assumed the legal capacity and genuineness
of the signatures of persons signing all documents in connection with which the
opinions expressed herein are rendered. We have also relied on an opinion of
the law firm of Conyers Dill &amp; Pearman Limited of even date herewith as to
the due authorization for issuance by Everest Group of the Group Debt
Securities, the Group Guarantees, the Warrant Agreements, the Warrants, the
Share Purchase Contracts and the Share Purchase Units.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">Based upon and subject to the
foregoing and the qualifications expressed below, we are of the opinion that: </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:24.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">1.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Holdings
Debt Securities have been duly authorized for issuance by Everest Holdings and,
assuming the completion of the Everest Holdings Corporate Proceedings with
respect thereto, when duly executed and delivered and authenticated in
accordance with the indenture under which they are issued and when payment
therefor is received, will constitute valid and legally binding obligations of
Everest Holdings;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">2.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Holdings
Guarantees have been duly authorized for issuance by Everest Holdings and,
assuming the completion of the Everest Holdings Corporate Proceedings with
respect thereto, when duly executed and delivered, and when the Preferred
Securities are duly executed, delivered and payment therefor is received, will
constitute valid and legally binding obligations of Everest Holdings;</font></p>




<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>


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</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:.6in;page-break-inside:avoid;">
  <td colspan="2" valign="top" width="100%" style="height:.6in;padding:0in 5.75pt 0in 1.45pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Mayer Brown </font><font style="font-variant:small-caps;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">llp</font></font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="49%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Reinsurance Holdings, Inc.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Group, Ltd.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Capital Trust III</font></p>
  </td>
 <td rowspan="3" valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="49%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">September
  16, 2021</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="49%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Page
  3</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">3.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Group Debt
Securities, assuming the due authorization thereof and the completion of the
Everest Group Corporate Proceedings with respect thereto, when duly executed
and delivered and authenticated in accordance with the indenture under which
they are issued and when payment therefor is received, will constitute valid
and legally binding obligations of Everest Group;</font></p>

<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">4.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Group Debt
Securities Guarantees, assuming the due authorization thereof and the
completion of the Everest Group Corporate Proceedings with respect thereto,
when duly executed and delivered, and when the Holdings Debt Securities are
duly executed, delivered and authenticated in accordance with the indenture
under which they are issued and when payment therefor is received, will constitute
valid and legally binding obligations of Everest Group;</font></p>

<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">5.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Group
Preferred Securities Guarantees, assuming the due authorization thereof and the
completion of the Everest Group Corporate Proceedings with respect thereto,
when duly executed and delivered, and when the Preferred Securities are duly
executed and delivered and when payment therefor is received, will constitute
valid and legally binding obligations of Everest Group;</font></p>

<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">6.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Warrant
Agreements, assuming the due authorization thereof, the completion of the
Everest Group Corporate Proceedings with respect thereto, the consistency of
the terms thereof with the description of the Warrants contained in the
Registration Statement and any applicable prospectus supplement and the due
authorization of any common shares or preferred shares of Everest Group
underlying the Warrants, when duly executed and delivered, will constitute
valid and legally binding obligations of Everest Group, enforceable against
Everest Group in accordance with their terms;</font></p>

<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">7.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Warrants,
assuming the due authorization thereof, the completion of the Everest Group
Corporate Proceedings with respect thereto, the consistency of the terms
thereof with the description of the Warrants contained in the Registration
Statement and any applicable prospectus supplement and the due authorization of
any common shares or preferred shares of Everest Group underlying the Warrants,
when duly executed, delivered and countersigned in accordance with the Warrant
Agreements and when payment therefor is received, will be entitled to the
benefits provided by the Warrant Agreements;</font></p>

<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">8.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Share
Purchase Contracts, assuming the due authorization thereof, the completion of
the Everest Group Corporate Proceedings with respect thereto, the consistency
of the terms thereof with the description of the Share Purchase Contracts
contained in the Registration Statement and any applicable prospectus
supplement and the due authorization of any common shares or preferred shares
of Everest Group
</font></p>

</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_4"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:.6in;page-break-inside:avoid;">
  <td colspan="2" valign="top" width="100%" style="height:.6in;padding:0in 5.75pt 0in 1.45pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Mayer Brown </font><font style="font-variant:small-caps;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">llp</font></font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="43%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Reinsurance Holdings, Inc.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Group, Ltd.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Capital Trust III</font></p>
  </td>
 <td width="57%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="43%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">September
  16, 2021</font></p>
  </td>
 <td width="57%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="43%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Page
  4</font></p>
  </td>
 <td width="57%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
</table></div>



<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&#160;underlying
the Share Purchase Contracts, when duly executed and delivered, will constitute
valid and legally binding obligations of Everest Group, enforceable against
Everest Group in accordance with their terms, and the interests therein, when
duly sold and delivered and when payment therefor is received, will be entitled
to the benefits provided by the Share Purchase Contracts; and</font></p>

<p style="margin-bottom:0in;margin-left:24.5pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">9.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The Share
Purchase Units, assuming the due authorization thereof and of the related Share
Purchase Contracts and applicable pledge agreements, the completion of the
Everest Group Corporate Proceedings with respect thereto, the consistency of
the terms thereof with the description of the Share Purchase Units contained in
the Registration Statement and any applicable prospectus supplement and the due
authorization of any common shares or preferred shares of Everest Group
underlying the Share Purchase Units, when the related Share Purchase Contracts
and applicable pledge agreements are duly executed and delivered, will
constitute valid and legally binding obligations of Everest Group, enforceable
against Everest Group in accordance with their terms, and the interests
therein, when duly sold and delivered and when payment therefor is received,
will be entitled to the benefits provided by the Share Purchase Units.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">The opinions expressed herein are
subject to the following qualifications: </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.75in;"><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">i.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">Enforceability
of any contract or agreement or of any security or other instrument issued
thereunder may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar laws affecting the
enforceability of creditors&#8217; rights generally and to court decisions with
respect thereto and to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law); and</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.75in;"><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">ii.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">We are admitted
to practice law in the State of New York and we express no opinions as to
matters under or involving any laws other than the laws of the State of New
York, the federal laws of the United States of America and the Delaware General
Corporation Law.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">*&#160;&#160;&#160;&#160;
*&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160; *</font></p>




<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>


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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702824"></a><a name="_Hlk82702825"></a><font style="mso-bookmark:_Hlk82702824;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk82702825;"><font style="mso-bookmark:_Hlk82702824;">4</font></font><font style="mso-bookmark:_Hlk82702825;"><font style="mso-bookmark:_Hlk82702824;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font><font style="mso-bookmark:_Hlk82702825;"><font style="mso-bookmark:_Hlk82702824;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702824;">&nbsp;</font><font style="mso-bookmark:_Hlk82702825;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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 <tr style="height:.6in;page-break-inside:avoid;">
  <td colspan="2" valign="top" width="100%" style="height:.6in;padding:0in 5.75pt 0in 1.45pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Mayer
  Brown </font><font style="font-variant:small-caps;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">llp</font></font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="43%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Reinsurance Holdings, Inc.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Group, Ltd.</font></p>
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Everest
  Re Capital Trust III</font></p>
  </td>
 <td width="57%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="43%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">September
  16, 2021</font></p>
  </td>
 <td width="57%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="43%" style="padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:normal;">Page
  5</font></p>
  </td>
 <td width="57%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement and to
being named in the related prospectus and any related prospectus supplement
under the caption &#8220;Legal Matters&#8221; with respect to the matters stated therein. &#160; </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Very truly yours,<br>
<br>
/s/ Mayer Brown LLP</font></p>

<p style="margin-bottom:0in;margin-left:3.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"><br>
MAYER BROWN LLP<br>
<br>
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="AuthorTypist"></a><a name="AuthorTypist_bclEnd"></a><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>




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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702824"></a><a name="_Hlk82702825"></a><font style="mso-bookmark:_Hlk82702824;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk82702825;"><font style="mso-bookmark:_Hlk82702824;">5</font></font><font style="mso-bookmark:_Hlk82702825;"><font style="mso-bookmark:_Hlk82702824;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font><font style="mso-bookmark:_Hlk82702825;"><font style="mso-bookmark:_Hlk82702824;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702824;">&nbsp;</font><font style="mso-bookmark:_Hlk82702825;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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<DESCRIPTION>EXHIBIT 5-2
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<p style="margin:0in;"><font style="position:relative;"><font style="height:62px;left:86px;position:absolute;top:-35px;width:300px;"><img height="62" src="ex52x0x0.jpg" width="300"></font></font><font style="height:117px;margin-left:461px;margin-top:48px;position:absolute;width:336px;"><img alt="CONYERS DILL &amp; PEARMAN LIMITED&#13;&#10;Clarendon House, 2 Church Street&#13;&#10;Hamilton HM 11, Bermuda&#13;&#10;Mail: PO Box HM 666, Hamilton HM CX, Bermuda&#13;&#10;T +1 441 295 1422&#13;&#10;conyers.com&#13;&#10;&#13;&#10;" height="117" src="ex52x0x1.gif" width="336"></font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:115%;">September 16, 2021</font></p>

<p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:6.0pt;line-height:normal;">Matter
No.:357886</font></p>

<p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:6.0pt;line-height:normal;">Doc
Ref: 19723231</font></p>

<p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:6.0pt;line-height:normal;">441
299-4923</font></p>

<p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color="blue" face="Times New Roman,serif" lang="EN-GB" style="font-size:6.0pt;line-height:normal;">chris.garrod@conyers.com</font><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;"> &nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">Everest Re Group,
Ltd.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">c/o Everest
Reinsurance Holdings, Inc.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">100 Everest Way</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">Warren, New Jersey</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">07059</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">USA</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="#2D2A30" face="Arial,sans-serif" lang="EN-US" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Dear Sirs,</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Re:</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Everest Re Group,
Ltd. (the &quot;Company&quot;)</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">We have
acted as special Bermuda legal counsel to the Company in connection with a
registration statement on Form S-3 filed with the U.S. Securities and Exchange
Commission (the &quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Commission</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;) on September 16, 2021 (the
&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Registration Statement</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;, which term does not include any
other document or agreement whether or not specifically referred to therein or
attached as an exhibit or schedule thereto) relating to the shelf registration
under the U.S. Securities Act of 1933, as amended, (the &quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Securities Act</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;)
of common shares, par value US$0.01 each (&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Common Shares</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;),
preferred shares, par value US$0.01 each (&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Preferred Shares</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;
and, together with Common Shares, &quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Equity Securities</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;, which
term includes any common shares or preferred shares to be issued pursuant to
the conversion, exchange or exercise of any other Securities), senior debt
securities (&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Senior Debt Securities</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;), subordinated debt
securities (&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Subordinated Debt Securities</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot; and, together with
Senior Debt Securities, &quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Debt Securities</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;), warrants (&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Warrants</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;),
share purchase contracts and units consisting of any combination of the
foregoing securities (&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Units</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;) of the Company, Everest
Reinsurance Holdings, Inc. (&#8220;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Everest Holdings</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221;) debt securities (&#8220;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Everest
Holdings Debt Securities</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221;), guarantees of the Everest Holdings Debt
Securities (&#8220;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Everest Holdings Debt Guarantees</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221;), Everest Re Capital
Trust III preferred securities (&#8220;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Trust Preferred Securities</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221;) and
guarantees of Trust Preferred Securities (together with Everest Holdings Debt
Guarantees, &#8220;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Guarantees</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221;) (collectively, the &quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Securities</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;).&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DOCUMENTS
REVIEWED</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">For the
purposes of giving this opinion, we have examined a copy of the Registration
Statement. </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">We
have also reviewed:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">1.1&#160;&#160;&#160;&#160;&#160;&#160; copies
of the memorandum of association and the bye-laws of the Company (together, the
&#8220;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Constitutional Documents</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221;), each certified by the Assistant Secretary
of the Company on September 16, 2021, and minutes of a meeting of its board of
directors held on 16
November, 2005 (the
&quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Resolutions</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;); and </font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">1.2&#160;&#160;&#160;&#160;&#160;&#160; such other documents
and made such enquiries as to questions of law as we have deemed necessary in
order to render the opinion set forth below.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ASSUMPTIONS</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">We have
assumed:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.1&#160;&#160;&#160;&#160;&#160;&#160; the
genuineness and authenticity of all signatures and the conformity to the originals
of all copies (whether or not certified) examined by us and the authenticity
and completeness of the originals from which such copies were taken;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.2&#160;&#160;&#160;&#160;&#160;&#160; that where a
document has been examined by us in draft form, it will be or has been executed
and/or filed in the form of that draft, and where a number of drafts of a
document have been examined by us all changes thereto have been marked or
otherwise drawn to our attention; </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.3&#160;&#160;&#160;&#160;&#160;&#160; the accuracy
and completeness of all factual representations made in the Registration
Statement and other documents reviewed by us; </font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.4&#160;&#160;&#160;&#160;&#160;&#160; that the
Resolutions were passed at one or more duly convened, constituted and quorate
meetings, or by unanimous written resolutions, remain in full force and effect
and have not been, and will not be, rescinded or amended;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.5&#160;&#160;&#160;&#160;&#160;&#160; that the
Company will issue the Securities in furtherance of its objects as set out in
its memorandum of association;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.6&#160;&#160;&#160;&#160;&#160;&#160; that the
Constitutional Documents will not be amended in any manner that would affect
the opinions expressed herein;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.7&#160;&#160;&#160;&#160;&#160;&#160; that there is
no provision of the law of any jurisdiction, other than Bermuda, which would
have any implication in relation to the opinions expressed herein;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.8&#160;&#160;&#160;&#160;&#160;&#160; that the
Company will have sufficient authorised capital to effect the issue of any of
the Equity Securities at the time of issuance, whether as a principal issue or
on the conversion, exchange or exercise of any Securities;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>

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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">2</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.9&#160;&#160;&#160;&#160;&#160;&#160; that
the Company's shares will be listed on an appointed stock exchange, as defined
in the Companies Act 1981, as amended (the &quot;</font><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Companies Act</font></b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&quot;),
and the consent to the issue and free transfer of the Securities given by the
Bermuda Monetary Authority as of 13 November, 2001 will not have been revoked
or amended at the time of issuance of any Securities;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.10&#160;&#160;&#160;&#160; that the form
and terms of any and all Securities (including, without limitation, the
designation, powers, preferences, rights, qualifications, limitations and
restrictions of Preferred Shares) or other securities (or other obligations,
rights, currencies, commodities or other subject matter) comprising the same or
subject thereto (in the case of the Warrants and Units), the issuance and sale
thereof by the Company, and the Company&#8217;s incurrence and performance of its
obligations thereunder or in respect thereof (including, without limitation,
its obligations under any related agreement, indenture or supplement thereto)
in accordance with the terms thereof will not violate the Constitutional
Documents nor any applicable law, regulation, order or decree in Bermuda;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.11&#160;&#160;&#160;&#160; that all
necessary corporate action will be taken to authorise and approve any issuance
of Securities (including, if Preferred Shares are to be issued, all necessary
corporate action to establish one or more series of Preferred Shares and fix the
designation, powers, preferences, rights, qualifications, limitations and
restrictions thereof), the terms of the offering thereof and related matters,
and that the applicable definitive purchase, underwriting or similar agreement
and, if Debt Securities are to be issued, the applicable indenture and any
applicable supplements thereto, will be duly approved, executed and delivered
by or on behalf of the Company and all other parties thereto;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.12&#160;&#160;&#160;&#160; that the
applicable purchase, underwriting or similar agreement, any Debt Security, any
indenture and any supplement thereto and any other agreement or other document
relating to any Security will be valid and binding in accordance with its terms
pursuant to its governing law;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.13&#160;&#160;&#160;&#160; that the
issuance and sale of and payment for the Securities will be in accordance with
the applicable purchase, underwriting or similar agreement duly approved by the
Board of Directors, the Registration Statement (including the prospectus set
forth therein and any applicable supplement thereto) and, if Debt Securities
are to be issued, the applicable indenture and any applicable supplements
thereto;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.14&#160;&#160;&#160;&#160; that, upon the
issue of any Equity Securities, the Company will receive consideration for the
full issue price thereof which shall be equal to at&#160; least the par value
thereof, (o) that the Company will comply, to the extent applicable, with the
requirements of Part III of the Companies Act entitled &quot;Prospectuses and
Public Offers&quot;;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:107%;">2.15</font><font face="Times New Roman,serif" lang="EN-GB" style="font-size:9.0pt;line-height:107%;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:107%;">the
capacity, power and authority of all parties other than the Company to enter
into and perform their obligations under any and all documents entered into by
such parties in</font></p>

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</div>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">connection with the
issuance of the Securities, and the due execution and delivery thereof by each
party thereto; and</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">2.16&#160;&#160;&#160;&#160; that none of
the parties to such documents carries on business from premises in Bermuda, at
which it employs staff and pays salaries and other expenses.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; QUALIFICATIONS</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">3.1&#160;&#160;&#160;&#160;&#160;&#160; The
obligations of the Company in connection with any Security and any indenture or
other agreement or document relating thereto:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">(a) &#160;&#160;&#160;&#160;&#160;&#160; will be
subject to the laws from time to time in effect relating to bankruptcy,
insolvency, liquidation, possessory liens, rights of set off, reorganisation,
amalgamation, merger, moratorium, bribery, corruption, money laundering,
terrorist financing, proliferation financing or any other laws or legal
procedures, whether of a similar nature or otherwise, generally affecting the
rights of creditors as well as applicable international sanctions;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">(b) &#160;&#160;&#160;&#160;&#160;&#160; will be
subject to statutory limitation of the time within which proceedings may be
brought;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">(c) &#160;&#160;&#160;&#160;&#160;&#160; will be
subject to general principles of equity and, as such, specific performance and
injunctive relief, being equitable remedies, may not be available; </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">(d) &#160;&#160;&#160;&#160;&#160;&#160; may not be
given effect to by a Bermuda court if and to the extent they constitute the
payment of an amount which is in the nature of a penalty; and </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">(e)&#160; &#160;&#160;&#160;&#160;&#160; may not be
given effect by a Bermuda court to the extent that they are to be performed in
a jurisdiction outside Bermuda and such performance would be illegal under the
laws of that jurisdiction. Notwithstanding any contractual submission to the
exclusive or non-exclusive jurisdiction of specific courts, a Bermuda court has
inherent discretion to stay or allow proceedings in the Bermuda courts.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">3.2&#160;&#160;&#160;&#160;&#160;&#160; We have made
no investigation of and express no opinion in relation to the laws of any
jurisdiction other than Bermuda.&#160; This opinion is to be governed by and
construed in accordance with the laws of Bermuda and is limited to and is given
on the basis of the current law and practice in Bermuda. This opinion is issued
solely for the purposes of the filing of the Registration Statement and the
issuance of the Securities by the Company as described in the Registration
Statement and is not to be relied upon in respect of any other matter, except
that </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;">Mayer Brown LLP
may rely on our opinion in paragraph number 3 below for the purpose of
rendering their opinion of even date herewith as to the due authorization for
issuance by the Company of the Debt Securities, the Warrants, the Units and the
Guarantees</font><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">.&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OPINION</font></b></p>

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&#8211; 19723844.1
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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702835"></a><a name="_Hlk82702836"></a><font style="mso-bookmark:_Hlk82702835;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk82702836;"><font style="mso-bookmark:_Hlk82702835;">4</font></font><font style="mso-bookmark:_Hlk82702836;"><font style="mso-bookmark:_Hlk82702835;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font><font style="mso-bookmark:_Hlk82702836;"><font style="mso-bookmark:_Hlk82702835;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702835;">&nbsp;</font><font style="mso-bookmark:_Hlk82702836;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_5"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">On
the basis of and subject to the foregoing we are of the opinion that:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">4.1&#160;&#160;&#160;&#160;&#160;&#160; The Company is
duly incorporated and existing under the laws of Bermuda in good standing
(meaning solely that it has not failed to make any filing with any Bermuda
governmental authority or to pay any Bermuda government fee or tax which would
make it liable to be struck off the Register of Companies and thereby cease to
exist under the laws of Bermuda).</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">4.2&#160;&#160;&#160;&#160;&#160;&#160; Upon the due
issuance of Common Shares and/or Preferred Shares and payment of the
consideration therefor, such Common Shares and/or Preferred Shares will be
validly issued, fully paid and non-assessable (which term means when used
herein that no further sums are required to be paid by the holders thereof in
connection with the issue of such shares).</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">4.3&#160;&#160;&#160;&#160;&#160;&#160; Upon the due
issuance of: (a) Senior Debt Securities of any series; (b) Subordinated Debt
Securities of any series; (c) Warrants; and/or (d) Units, and payment of the
consideration therefor, such Securities will be validly issued and (except in
the case of any Equity Securities forming part of a Unit) will constitute valid
and binding obligations of the Company in accordance with the terms thereof.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">We hereby
consent to the filing of this opinion as an exhibit to the Registration
Statement and to the references to our firm under the captions &#8220;</font><i><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Description
of Our Share Capital</font></i><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221;, &#8220;</font><i><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Legal Matters</font></i><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221; and &#8220;</font><i><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Enforcement of Civil
Liabilities</font></i><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&#8221; in the Registration Statement.&#160; In giving such consent, we do
not hereby admit that we are experts within the meaning of Section 11 of the
Securities Act or that we are in the category of persons whose consent is
required under Section 7 of the Securities Act or the Rules and Regulations of
the Commission promulgated thereunder.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Yours
faithfully,</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color="#002F5F" face="Arial,sans-serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><u><font color="#002F5F" face="Arial,sans-serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">/s/ CONYERS DILL &amp; PEARMAN LIMITED</font></u></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color="#002F5F" face="Arial,sans-serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Arial,sans-serif" lang="EN-GB" style="font-size:11.0pt;line-height:normal;">Conyers Dill &amp; Pearman Limited</font></b></p>

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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">September
16, 2021</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;">Everest
Re Capital Trust III<br>
100 Everest Way<br>
Warren, New Jersey 07059</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;text-decoration:none;">Re:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;">Everest
Re Capital Trust III</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We
have acted as special Delaware counsel for Everest Reinsurance Holdings, Inc.,
a Delaware corporation (the &quot;Company&quot;), and Everest Re Capital Trust
III, a Delaware statutory trust (the &quot;Trust&quot;), in connection with the
matters set forth herein.&#160; At your request, this opinion is being furnished to
you.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">For
purposes of giving the opinions hereinafter set forth, we have made such
inquiries and have examined such documents as we have considered necessary or
appropriate for purposes of giving the opinions hereinafter set forth,
including the examination of originals or copies of the following:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">(a)</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">The
Certificate of Trust of the Trust, dated June 25, 2003, as filed in the office
of the Secretary of State of the State of Delaware (the &quot;Secretary of
State&quot;) on June 25, 2003, as amended by a Certificate of Amendment
Pursuant to Section 3807(e) of the Delaware Statutory Trust Act, 12 </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">Del C.</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">
&#167; 3801, </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">et&nbsp;</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;"> </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">seq</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">. (the &quot;Statutory Trust Act&quot;), as filed
in the office of the Secretary of State on March 14, 2005, as further amended
by the Certificate of Amendment thereto, as filed in the office of the
Secretary of State on December 1, 2008, as further amended by a
Certificate of Amendment Pursuant to Section 3807(e) of the Statutory Trust
Act, as filed in the office of the Secretary of State on December 30, 2009, as
further amended by a Certificate of Amendment Pursuant to Section 3807(e) of
the Statutory Trust Act, as filed in the office of the Secretary of State on
March 6, 2014, and as further amended by a Certificate of Amendment Pursuant to
Section 3807(e) of the Statutory Trust Act, as filed in the office of the
Secretary of State on March 27, 2014 (as so amended, the
&quot;Certificate&quot;);</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">(b)</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">The
Trust Agreement of the Trust, dated as of June 25, 2003, by and among the
Company and the trustees of the Trust named therein;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">(c)</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">The
Removal and Appointment of Property Trustee and Delaware Trustee of the Trust,
dated as of December 1, 2008, by the Company, and acknowledged and agreed to by
The Bank of New York Mellon, and BNY Mellon Trust of Delaware;</font></p>

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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_2"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;layout-grid-mode:char;line-height:normal;">Everest Re Capital Trust III<br>
September 16, 2021</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;layout-grid-mode:char;line-height:normal;">Page 2<br>
<br>
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><a name="_Hlk82595980"></a><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">(d)</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">A
form of Amended and Restated Trust Agreement of the Trust (including Exhibits
A, C and E thereto) (the &quot;Trust Agreement&quot;), among the Company, the
trustees of the Trust named therein, and the holders, from time to time, of
undivided beneficial interests in the assets of the Trust, incorporated by
reference into the Registration Statement (as defined below);</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">(e)</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">The
Registration Statement on Form S-3 (the &quot;Registration Statement&quot;),
relating to the Preferred Securities of the Trust, representing undivided
beneficial interests in the assets of the Trust (each, a &quot;Preferred
Security&quot; and collectively, the &quot;Preferred Securities&quot;), as
proposed to be filed by the Company, Everest Re Group, Ltd. and the Trust with
the Securities and Exchange Commission on or about September 16, 2021; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">(f)</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">A
Certificate of Good Standing for the Trust, dated September 16, 2021, obtained
from the Secretary of State.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Initially
capitalized terms used herein and not otherwise defined are used as defined in
the Trust Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">With
respect to all documents examined by us, we have assumed (i) the authenticity
of all documents submitted to us as authentic originals, (ii) the conformity
with the originals of all documents submitted to us as copies or forms, and
(iii) the genuineness of all signatures.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">For
purposes of this opinion, we have assumed (i) that the Trust Agreement and the
Certificate are in full force and effect and have not been amended, (ii) except
to the extent provided in paragraph 1 below, that each of the parties to the
documents examined by us has been duly created, organized or formed, as the
case may be, and is validly existing in good standing under the laws of the
jurisdiction governing its creation, organization or formation, (iii)&nbsp;the
legal capacity of natural persons who are parties to the documents examined by
us, (iv)&nbsp;that each of the parties to the documents examined by us has the
power and authority to execute and deliver, and to perform its obligations
under, such documents, (v) that each of the parties to the documents examined
by us has duly authorized, executed and delivered such documents, (vi) the
receipt by each Person to whom a Preferred Security is to be issued by the
Trust (collectively, the &quot;Preferred Security Holders&quot;) of a Preferred
Securities Certificate for such Preferred Security and the payment for the
Preferred Security acquired by it, in accordance with the Trust Agreement and
as contemplated by the Registration Statement, and (vii) that the Preferred
Securities are issued and sold to the Preferred Security Holders in accordance
with the Trust Agreement and as contemplated by the Registration Statement.&#160; We
have not participated in the preparation of the Registration Statement and
assume no responsibility for its contents, other than this opinion.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">To
the extent that Section 10.5 of the Trust Agreement provides that the Trust Agreement
is governed by laws other than the laws of the State of Delaware, we express no
opinion concerning the effect of Section 10.5 of the Trust Agreement on the
opinions set forth herein.</font></p>

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


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<p style="margin-bottom:.5in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:11.0pt;">Everest Re Capital Trust III<br>
September 16, 2021<br>
Page 3</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">This
opinion is limited to the laws of the State of Delaware (excluding the
securities laws of the State of Delaware), and we have not considered and
express no opinion on the laws of any other jurisdiction, including federal
laws and rules and regulations relating thereto.&#160; Our opinions are rendered
only with respect to Delaware laws and rules, regulations and orders thereunder
that are currently in effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Based
upon the foregoing, and upon our examination of such questions of law and
statutes of the State of Delaware as we have considered necessary or
appropriate, and subject to the assumptions, qualifications, limitations and
exceptions set forth herein, we are of the opinion that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">1.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">The
Trust has been duly formed and is validly existing and in good standing as a
statutory trust under the Statutory Trust Act.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">2.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">The
Preferred Securities will represent valid and, subject to the qualifications
set forth in paragraph 3 below, fully paid and nonassessable undivided
beneficial interests in the assets of the Trust.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">3.</font><font face="Times New Roman" lang="EN-US" style="font-size:6.0pt;layout-grid-mode:char;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;layout-grid-mode:char;line-height:normal;">The
Preferred Security Holders, as beneficial owners of the Trust, will be entitled
to the same limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the
State of Delaware.&#160; We note that the Preferred Security Holders may be
obligated to make payments as set forth in the Trust Agreement.</font></p>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We
consent to the filing of this opinion with the Securities and Exchange
Commission as an exhibit to the Registration Statement.&#160; </font><font color="black" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">In
addition, we hereby consent to the use of our name under the heading
&quot;Legal Matters&quot; in the Registration Statement.</font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160; In giving the
foregoing consents, we do not thereby admit that we come within the category of
Persons whose consent is required under Section 7 of the Securities Act of
1933, as amended, or the rules and regulations of the Securities and Exchange
Commission thereunder. </font></p>

<p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:justify;text-indent:3.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Very truly yours,</font></p>

<p style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:justify;text-indent:3.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">/s/ Richards,
Layton &amp; Finger, P.A.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">JWP</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><a name="_Hlk82596550"></a><a name="_Hlk82596551"></a></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;">&nbsp;</font></p>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>ex231.htm
<DESCRIPTION>EXHIBIT 23-1
<TEXT>
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&nbsp;
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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p align="right" style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">Exhibit 23.1 </font></b></p>

<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:center;"><a name="_26in1rg"></a><u><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</font></u></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">We hereby consent to the
incorporation by reference in this Registration Statement on Form S-3 of
Everest Re Group, Ltd. of our report dated March 1, 2021<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> &nbsp;</sup>relating to
the financial statements, financial statement schedules and the effectiveness
of internal control over financial reporting, which appears in Everest Re
Group, Ltd.'s Annual Report on Form 10-K for the year ended December 31, 2020.&#160;
We also consent to the reference to us under the heading &#8220;Experts&#8221; in such
Registration Statement.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">/s/ PricewaterhouseCoopers LLP</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">New York, New
York</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">September 16,
2021</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>




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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>ex232.htm
<DESCRIPTION>EXHIBIT 23-2
<TEXT>
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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p align="right" style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">Exhibit 23.2 </font></b></p>

<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:center;"><u><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></u></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">We hereby consent to the
incorporation by reference in this Registration Statement on Form S-3 of
Everest Reinsurance Holdings, Inc. of our report dated March 30, 2021<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> &nbsp;</sup>relating
to the financial statements and financial statement schedules, which appears in
Everest Reinsurance Holdings, Inc.'s Annual Report on Form 10-K for the year
ended December 31, 2020.&#160; We also consent to the reference to us under the
heading &#8220;Experts&#8221; in such Registration Statement.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">/s/ PricewaterhouseCoopers LLP</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">New York, New
York</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">September 16,
2021</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Georgia,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>7
<FILENAME>ex251.htm
<DESCRIPTION>EXHIBIT 25-1
<TEXT>
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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1024px;position:absolute;width:576px;"><img height="29" src="ex251x0x0.gif" width="576"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">= = = = = = = = = = = = = = = = = = = = = = = = = = =
= = = = = = = = = = = = = = = = =<br>
<br>
</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.&#160; 20549<br>
<br>
FORM T-1</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">STATEMENT
OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">CHECK
IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON<br>
(Exact name of trustee as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">New
   York</font><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:normal;"><br>
  </font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">(Jurisdiction
  of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13-5160382<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">240
  Greenwich Street, New York, N.Y.<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">10286<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
RE GROUP, LTD.<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Bermuda<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">98-0365432<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Seon
  Place- 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, 141 Front Street<br>
  P.O. Box HM 845<br>
  Hamilton, HM 19, Bermuda<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  <br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Senior
Debt Securities<br>
(Title of the indenture securities)</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">=
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
= = =<br>
<br>
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">8263625v.1</font></p>





<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_2"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following information as to the Trustee:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
and address of each examining or supervising authority to which it is subject.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="57%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:48.6pt;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Name</font></p>
  </td>
 <td width="43%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Address</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Superintendent
  of the Department of Financial Services of the State of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">One State Street, New
    York, N.Y.&#160;
  10004-1417, and Albany, N.Y. 12223</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Reserve
  Bank of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">33
    Liberty Street,
   New York, N.Y.&#160;
  10045</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Deposit Insurance
  Corporation</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">550
  17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, NW<br>
  Washington, D.C.&#160; 20429</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">The Clearing
  House Association L.L.C.</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">100
  Broad Street<br>
  New York, N.Y. 10004</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(b)</font></b><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; Whether it
is authorized to exercise corporate trust powers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Yes.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">If the obligor is
an affiliate of the trustee, describe each</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">such affiliation. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">None.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">16.&#160;&#160;&#160;&#160;&#160;&#160; List of
Exhibits. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a&#8209;29 under
the Trust Indenture Act of 1939 (the &quot;Act&quot;).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the Organization Certificate of The Bank of New York Mellon (formerly known
as The Bank of New York, itself formerly Irving Trust Company) as now in
effect, which contains the authority to commence business and a grant of powers
to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form
T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form
T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-152735).</font></p>

</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with
Registration Statement No. 333-229494).</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form
T-1 filed with Registration Statement No. 333-229519).&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the latest report of condition of the Trustee published pursuant to law or
to the requirements of its supervising or examining authority.</font></p>





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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">3</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">SIGNATURE</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Pursuant
to the requirements of the Act, the trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 10th day of September, 2021.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</font></p>

<p style="margin-bottom:12.0pt;margin-left:238.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-22.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">By: </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Leslie Morales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Name:&#160;&#160; Leslie Morales<br>
Title:&#160;&#160;&#160;&#160; Vice President</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">4</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_5"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"><p align="center" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1008px;position:absolute;width:624px;"><img height="29" src="ex251x4x0.gif" width="624"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</font></p>

</div>


<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">of
240 Greenwich Street, New York, N.Y. 10286<br>
And Foreign and Domestic Subsidiaries,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">a
member of the Federal Reserve System, at the close of business June 30, 2021,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:19.8pt;page-break-inside:avoid;">
  <td valign="bottom" width="54%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">ASSETS</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Dollar
  amounts in thousands</font></p>
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Cash and
  balances due from depository institutions:</font></p>
  </td>
 <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing
  balances and currency and coin................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,418,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing
  balances..................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">142,659,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Securities:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Held-to-maturity
  securities.................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">52,321,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Available-for-sale
  debt securities........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">102,839,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Equity
  securities with readily determinable fair values not held for trading&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">67,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  sold and securities purchased under agreements to resell:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  sold in domestic offices................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  purchased under agreements to resell&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13,933,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and lease
  financing receivables:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for sale&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,525,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LESS: Allowance
  for loan and <br>
  lease losses&#8230;&#8230;&#8230;............................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">229,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment, net of allowance.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,296,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading assets......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,289,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Premises and
  fixed assets (including capitalized leases).................................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,938,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other real
  estate owned.......................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Investments in
  unconsolidated subsidiaries and associated companies........................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,603,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:25.9pt;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Direct and indirect investments in real
  estate ventures &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:right;text-indent:138.1pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Intangible
  assets&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">6,971,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,203,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8263568v.1</font></p>
  </td>
 <td width="46%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LIABILITIES<br>
  <br>
  </font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Deposits:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In
  domestic offices.............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">214,188,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">90,927,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">123,261,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In foreign
  offices, Edge and Agreement subsidiaries, and IBFs....................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">124,493,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">7,607,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">116,886,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  purchased and securities sold under agreements to repurchase:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  purchased in domestic offices&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;......... . </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  sold under agreements to</font></p>
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160; repurchase.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,801,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading
  liabilities.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,813,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other borrowed
  money:<br>
  (includes mortgage indebtedness and obligations under capitalized leases)&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">473,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Subordinated
  notes and debentures........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other
  liabilities....................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">8,793,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:.3in;">
  <td valign="top" width="54%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">355,561,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">EQUITY CAPITAL</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Perpetual
  preferred stock and related <br>
  surplus&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Common stock........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,135,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Surplus (exclude
  all surplus related to preferred stock)................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,690,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Retained
  earnings................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,688,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Accumulated
  other comprehensive income&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">-536,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other equity
  capital components&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total bank
  equity capital........................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noncontrolling
  (minority) interests in <br>
  consolidated subsidiaries &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total equity
  capital................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities and equity capital.......................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
</table></div>


</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_6"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>

<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">6</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_7"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">I, Emily </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Portney,
Chief Financial Officer of the above-named bank do hereby declare that this
Report of Condition is true and correct to the best of my knowledge and belief.</font></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:.5in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Emily Portney<br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We,
the undersigned directors, attest to the correctness of this statement of
resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:55.35pt;page-break-inside:avoid;">
  <td width="44%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="height:69px;margin-left:202px;margin-top:7px;position:absolute;width:20px;"><img height="69" src="ex251x6x0.gif" width="20"></font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Thomas P.
  Gibbons
  <br>
  Samuel C. Scott<br>
  Joseph J. Echevarria</font></p>
  </td>
 <td width="56%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p align="center" style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Directors</font></p>
  </td>
 </tr>
</table></div>



<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:.25in;padding:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

</div>


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>




<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">7</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" align="center" width="100%" size="2"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.2
<SEQUENCE>8
<FILENAME>ex252.htm
<DESCRIPTION>EXHIBIT 25-2
<TEXT>
<html>

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    <meta content="text/html; charset=utf-8">





&nbsp;
    <!-- Licensed to: Everest Reinsurance
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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1024px;position:absolute;width:576px;"><img height="29" src="ex251x0x0.gif" width="576"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">= = = = = = = = = = = = = = = = = = = = = = = = = = =
= = = = = = = = = = = = = = = = =<br>
<br>
</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.&#160; 20549<br>
<br>
FORM T-1</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">STATEMENT
OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">CHECK
IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON<br>
(Exact name of trustee as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">New
   York</font><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:normal;"><br>
  </font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">(Jurisdiction
  of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13-5160382<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">240
  Greenwich Street, New York, N.Y.<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">10286<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
REINSURANCE HOLDINGS, INC.<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Delaware<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">22-3263609<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  100 Everest Way<br>
  Warren, New Jersey<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  07059<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
RE GROUP, LTD.<br>
(Exact name of obligor as specified in its charter)</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">8263586v.1</font></p>


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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


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<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Bermuda<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">98-0365432<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Seon
  Place- 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, 141 Front Street<br>
  P.O. Box HM 845<br>
  Hamilton, HM 19, Bermuda<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  <br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Senior
Debt Securities of Everest Reinsurance Holdings, Inc.<br>
and Guarantee of Everest Re Group, Ltd. of <br>
Senior Debt Securities of Everest Reinsurance Holdings, Inc.<br>
(Title of the indenture securities)</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">=
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
= = =<br>
<br>
</font></p>





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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">2</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following information as to the Trustee:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
and address of each examining or supervising authority to which it is subject.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="57%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:48.6pt;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Name</font></p>
  </td>
 <td width="43%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Address</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Superintendent
  of the Department of Financial Services of the State of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">One State Street, New
    York, N.Y.&#160;
  10004-1417, and Albany, N.Y. 12223</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Reserve
  Bank of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">33
    Liberty Street,
   New York, N.Y.&#160;
  10045</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Deposit
  Insurance Corporation</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">550
  17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, NW<br>
  Washington, D.C.&#160; 20429</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">The Clearing
  House Association L.L.C.</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">100
  Broad Street<br>
  New York, N.Y. 10004</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(b)</font></b><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; Whether it
is authorized to exercise corporate trust powers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Yes.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">If the obligor is
an affiliate of the trustee, describe each</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">such affiliation. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">None.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">16.&#160;&#160;&#160;&#160;&#160;&#160; List of
Exhibits. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a&#8209;29 under
the Trust Indenture Act of 1939 (the &quot;Act&quot;).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the Organization Certificate of The Bank of New York Mellon (formerly known
as The Bank of New York, itself formerly Irving Trust Company) as now in
effect, which contains the authority to commence business and a grant of powers
to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form
T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form
T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-152735).</font></p>

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with
Registration Statement No. 333-229494).</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form
T-1 filed with Registration Statement No. 333-229519).&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the latest report of condition of the Trustee published pursuant to law or
to the requirements of its supervising or examining authority.</font></p>





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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">4</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_5"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">SIGNATURE</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Pursuant
to the requirements of the Act, the trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 10th day of September, 2021.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</font></p>

<p style="margin-bottom:12.0pt;margin-left:238.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-22.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">By:&#160; </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Leslie Morales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Name:&#160;&#160; Leslie Morales<br>
Title:&#160;&#160;&#160;&#160; Vice President</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"><p align="center" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1008px;position:absolute;width:624px;"><img height="29" src="ex251x4x0.gif" width="624"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</font></p>

</div>


<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">of
240 Greenwich Street, New York, N.Y. 10286<br>
And Foreign and Domestic Subsidiaries,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">a
member of the Federal Reserve System, at the close of business June 30, 2021,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:19.8pt;page-break-inside:avoid;">
  <td valign="bottom" width="54%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">ASSETS</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Dollar
  amounts in thousands</font></p>
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Cash and
  balances due from depository institutions:</font></p>
  </td>
 <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing
  balances and currency and coin................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,418,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing
  balances..................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">142,659,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Securities:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Held-to-maturity
  securities.................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">52,321,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Available-for-sale
  debt securities........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">102,839,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Equity
  securities with readily determinable fair values not held for trading&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">67,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  sold and securities purchased under agreements to resell:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  sold in domestic offices................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  purchased under agreements to resell&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13,933,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and lease
  financing receivables:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for sale&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,525,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LESS: Allowance
  for loan and <br>
  lease losses&#8230;&#8230;&#8230;............................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">229,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment, net of allowance.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,296,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading assets......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,289,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Premises and
  fixed assets (including capitalized leases).................................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,938,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other real
  estate owned.......................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Investments in
  unconsolidated subsidiaries and associated companies........................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,603,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:25.9pt;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Direct and indirect investments in real
  estate ventures &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:right;text-indent:138.1pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Intangible
  assets&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">6,971,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,203,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8263568v.1</font></p>
  </td>
 <td width="46%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LIABILITIES<br>
  <br>
  </font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Deposits:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In
  domestic offices.............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">214,188,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">90,927,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">123,261,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In foreign
  offices, Edge and Agreement subsidiaries, and IBFs....................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">124,493,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">7,607,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">116,886,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  purchased and securities sold under agreements to repurchase:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  purchased in domestic offices&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;......... . </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  sold under agreements to</font></p>
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160; repurchase.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,801,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading
  liabilities.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,813,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other borrowed
  money:<br>
  (includes mortgage indebtedness and obligations under capitalized leases)&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">473,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Subordinated
  notes and debentures........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other
  liabilities....................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">8,793,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:.3in;">
  <td valign="top" width="54%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">355,561,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">EQUITY CAPITAL</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Perpetual
  preferred stock and related <br>
  surplus&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Common stock........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,135,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Surplus (exclude
  all surplus related to preferred stock)................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,690,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Retained
  earnings................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,688,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Accumulated
  other comprehensive income&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">-536,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other equity
  capital components&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total bank
  equity capital........................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noncontrolling
  (minority) interests in <br>
  consolidated subsidiaries &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total equity
  capital................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities and equity capital.......................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
</table></div>



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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">I, Emily </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Portney,
Chief Financial Officer of the above-named bank do hereby declare that this
Report of Condition is true and correct to the best of my knowledge and belief.</font></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:.5in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Emily Portney<br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We,
the undersigned directors, attest to the correctness of this statement of
resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:55.35pt;page-break-inside:avoid;">
  <td width="44%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="height:69px;margin-left:202px;margin-top:8px;position:absolute;width:20px;"><img height="69" src="ex251x6x0.gif" width="20"></font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Thomas P.
  Gibbons
  <br>
  Samuel C. Scott<br>
  Joseph J. Echevarria</font></p>
  </td>
 <td width="56%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p align="center" style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Directors</font></p>
  </td>
 </tr>
</table></div>



<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:.25in;padding:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

</div>


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>




<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702884"></a><a name="_Hlk82702885"></a><a name="_Hlk82702886"></a><a name="_Hlk82702887"></a><font style="mso-bookmark:_Hlk82702886;"><font style="mso-bookmark:_Hlk82702885;"><font style="mso-bookmark:_Hlk82702884;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702887;"><font style="mso-bookmark:_Hlk82702886;"><font style="mso-bookmark:_Hlk82702885;"><font style="mso-bookmark:_Hlk82702884;">8</font></font></font></font><font style="mso-bookmark:_Hlk82702887;"><font style="mso-bookmark:_Hlk82702886;"><font style="mso-bookmark:_Hlk82702885;"><font style="mso-bookmark:_Hlk82702884;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font></font></font><font style="mso-bookmark:_Hlk82702887;"><font style="mso-bookmark:_Hlk82702886;"><font style="mso-bookmark:_Hlk82702885;"><font style="mso-bookmark:_Hlk82702884;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk82702884;">&nbsp;</font><font style="mso-bookmark:_Hlk82702885;">&nbsp;</font><font style="mso-bookmark:_Hlk82702886;">&nbsp;</font><font style="mso-bookmark:_Hlk82702887;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" align="center" width="100%" size="2"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.3
<SEQUENCE>9
<FILENAME>ex253.htm
<DESCRIPTION>EXHIBIT 25-3
<TEXT>
<html>

<head>
    <meta content="text/html; charset=utf-8">





&nbsp;
    <!-- Licensed to: Everest Reinsurance
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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1024px;position:absolute;width:576px;"><img height="29" src="ex251x0x0.gif" width="576"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">= = = = = = = = = = = = = = = = = = = = = = = = = = =
= = = = = = = = = = = = = = = = =<br>
<br>
</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.&#160; 20549<br>
<br>
FORM T-1</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">STATEMENT
OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">CHECK
IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON<br>
(Exact name of trustee as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">New
   York</font><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:normal;"><br>
  </font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">(Jurisdiction
  of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13-5160382<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">240
  Greenwich Street, New York, N.Y.<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">10286<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
RE GROUP, LTD.<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Bermuda<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">98-0365432<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Seon
  Place- 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, 141 Front Street<br>
  P.O. Box HM 845<br>
  Hamilton, HM 19, Bermuda<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  <br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Junior
Subordinated Debt Securities<br>
(Title of the indenture securities)</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">=
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
= = =</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">8263581v.1</font></p>





<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_2"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following information as to the Trustee:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
and address of each examining or supervising authority to which it is subject.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="57%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:48.6pt;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Name</font></p>
  </td>
 <td width="43%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Address</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Superintendent
  of the Department of Financial Services of the State of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">One State Street, New
    York, N.Y.&#160;
  10004-1417, and Albany, N.Y. 12223</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Reserve
  Bank of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">33
    Liberty Street,
   New York, N.Y.&#160;
  10045</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Deposit Insurance
  Corporation</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">550
  17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, NW<br>
  Washington, D.C.&#160; 20429</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">The Clearing
  House Association L.L.C.</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">100
  Broad Street<br>
  New York, N.Y. 10004</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(b)</font></b><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; Whether it
is authorized to exercise corporate trust powers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Yes.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">If the obligor is
an affiliate of the trustee, describe each</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">such affiliation. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">None.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">16.&#160;&#160;&#160;&#160;&#160;&#160; List of
Exhibits. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a&#8209;29 under
the Trust Indenture Act of 1939 (the &quot;Act&quot;).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the Organization Certificate of The Bank of New York Mellon (formerly known
as The Bank of New York, itself formerly Irving Trust Company) as now in
effect, which contains the authority to commence business and a grant of powers
to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form
T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form
T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-152735).</font></p>


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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702895"></a><a name="_Hlk82702896"></a><font style="mso-bookmark:_Hlk82702895;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;">2</font></font><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702895;">&nbsp;</font><font style="mso-bookmark:_Hlk82702896;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with
Registration Statement No. 333-229494).</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form
T-1 filed with Registration Statement No. 333-229519).&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the latest report of condition of the Trustee published pursuant to law or
to the requirements of its supervising or examining authority.</font></p>




</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_4"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">SIGNATURE</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Pursuant
to the requirements of the Act, the trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 10th day of September, 2021.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</font></p>

<p style="margin-bottom:12.0pt;margin-left:238.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-22.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">By:&#160; </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Leslie Morales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Name:&#160;&#160; Leslie Morales<br>
Title:&#160;&#160;&#160;&#160; Vice President</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702895"></a><a name="_Hlk82702896"></a><font style="mso-bookmark:_Hlk82702895;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;">4</font></font><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702895;">&nbsp;</font><font style="mso-bookmark:_Hlk82702896;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_5"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"><p align="center" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1008px;position:absolute;width:624px;"><img height="29" src="ex251x4x0.gif" width="624"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</font></p>

</div>


<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">of
240 Greenwich Street, New York, N.Y. 10286<br>
And Foreign and Domestic Subsidiaries,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">a
member of the Federal Reserve System, at the close of business June 30, 2021,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:19.8pt;page-break-inside:avoid;">
  <td valign="bottom" width="54%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">ASSETS</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Dollar
  amounts in thousands</font></p>
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Cash and
  balances due from depository institutions:</font></p>
  </td>
 <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing
  balances and currency and coin................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,418,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing
  balances..................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">142,659,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Securities:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Held-to-maturity
  securities.................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">52,321,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Available-for-sale
  debt securities........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">102,839,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Equity
  securities with readily determinable fair values not held for trading&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">67,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  sold and securities purchased under agreements to resell:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  sold in domestic offices................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  purchased under agreements to resell&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13,933,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and lease
  financing receivables:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for sale&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,525,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LESS: Allowance
  for loan and <br>
  lease losses&#8230;&#8230;&#8230;............................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">229,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment, net of allowance.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,296,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading assets......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,289,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Premises and
  fixed assets (including capitalized leases).................................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,938,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other real
  estate owned.......................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Investments in
  unconsolidated subsidiaries and associated companies........................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,603,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:25.9pt;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Direct and indirect investments in real
  estate ventures &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:right;text-indent:138.1pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Intangible
  assets&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">6,971,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,203,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8263568v.1</font></p>
  </td>
 <td width="46%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LIABILITIES<br>
  <br>
  </font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Deposits:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In
  domestic offices.............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">214,188,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">90,927,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">123,261,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In foreign
  offices, Edge and Agreement subsidiaries, and IBFs....................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">124,493,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">7,607,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">116,886,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  purchased and securities sold under agreements to repurchase:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  purchased in domestic offices&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;......... . </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  sold under agreements to</font></p>
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160; repurchase.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,801,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading
  liabilities.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,813,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other borrowed
  money:<br>
  (includes mortgage indebtedness and obligations under capitalized leases)&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">473,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Subordinated
  notes and debentures........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other
  liabilities....................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">8,793,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:.3in;">
  <td valign="top" width="54%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">355,561,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">EQUITY CAPITAL</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Perpetual
  preferred stock and related <br>
  surplus&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Common stock........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,135,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Surplus (exclude
  all surplus related to preferred stock)................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,690,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Retained
  earnings................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,688,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Accumulated
  other comprehensive income&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">-536,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other equity
  capital components&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total bank
  equity capital........................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noncontrolling
  (minority) interests in <br>
  consolidated subsidiaries &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total equity
  capital................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities and equity capital.......................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
</table></div>


</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_6"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div bclheader="">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>

<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702895"></a><a name="_Hlk82702896"></a><a name="_Hlk82702898"></a><a name="_Hlk82702899"></a><font style="mso-bookmark:_Hlk82702898;"><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702899;"><font style="mso-bookmark:_Hlk82702898;"><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;">6</font></font></font></font><font style="mso-bookmark:_Hlk82702899;"><font style="mso-bookmark:_Hlk82702898;"><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font></font></font><font style="mso-bookmark:_Hlk82702899;"><font style="mso-bookmark:_Hlk82702898;"><font style="mso-bookmark:_Hlk82702896;"><font style="mso-bookmark:_Hlk82702895;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk82702895;">&nbsp;</font><font style="mso-bookmark:_Hlk82702896;">&nbsp;</font><font style="mso-bookmark:_Hlk82702898;">&nbsp;</font><font style="mso-bookmark:_Hlk82702899;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_7"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">I, Emily Portney, Chief Financial Officer of the above-named bank
do hereby declare that </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">this
Report of Condition is true and correct to the best of my knowledge and belief.</font></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:.5in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Emily Portney<br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We,
the undersigned directors, attest to the correctness of this statement of
resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:55.35pt;page-break-inside:avoid;">
  <td width="44%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="height:69px;margin-left:202px;margin-top:7px;position:absolute;width:20px;"><img height="69" src="ex253x6x0.gif" width="20"></font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Thomas P.
  Gibbons
  <br>
  Samuel C. Scott<br>
  Joseph J. Echevarria</font></p>
  </td>
 <td width="56%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p align="center" style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Directors</font></p>
  </td>
 </tr>
</table></div>



<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:.25in;padding:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

</div>


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>



</div><hr noshade="" align="center" width="100%" size="2"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.4
<SEQUENCE>10
<FILENAME>ex254.htm
<DESCRIPTION>EXHIBIT 25-4
<TEXT>
<html>

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    <meta content="text/html; charset=utf-8">





&nbsp;
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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1024px;position:absolute;width:576px;"><img height="29" src="ex251x0x0.gif" width="576"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">= = = = = = = = = = = = = = = = = = = = = = = = = = =
= = = = = = = = = = = = = = = = =<br>
<br>
</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.&#160; 20549<br>
<br>
FORM T-1</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">STATEMENT
OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">CHECK
IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON<br>
(Exact name of trustee as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">New
   York</font><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:normal;"><br>
  </font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">(Jurisdiction
  of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13-5160382<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">240
  Greenwich Street, New York, N.Y.<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">10286<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
REINSURANCE HOLDINGS, INC.<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Delaware<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">22-3263609<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  100 Everest Way<br>
  Warren, New Jersey<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  07059<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">8263570v.1</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>


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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_2"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST RE GROUP, LTD.<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Bermuda<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">98-0365432<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Seon
  Place- 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, 141 Front Street<br>
  P.O. Box HM 845<br>
  Hamilton, HM 19, Bermuda<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  <br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Junior
Subordinated Debt Securities of Everest Reinsurance Holdings, Inc.<br>
and Guarantee of Everest Re Group, Ltd. of <br>
Junior Subordinated Debt Securities of Everest Reinsurance Holdings, Inc.<br>
(Title of the indenture securities)</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">=
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
= = =<br>
<br>
</font></p>




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<div bclheader="">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following information as to the Trustee:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
and address of each examining or supervising authority to which it is subject.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="57%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:48.6pt;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Name</font></p>
  </td>
 <td width="43%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Address</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Superintendent
  of the Department of Financial Services of the State of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">One State Street, New
    York, N.Y.&#160;
  10004-1417, and Albany, N.Y. 12223</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Reserve
  Bank of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">33
    Liberty Street,
   New York, N.Y.&#160;
  10045</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Deposit
  Insurance Corporation</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">550
  17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, NW<br>
  Washington, D.C.&#160; 20429</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">The Clearing
  House Association L.L.C.</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">100
  Broad Street<br>
  New York, N.Y. 10004</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(b)</font></b><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; Whether it
is authorized to exercise corporate trust powers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Yes.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">If the obligor is
an affiliate of the trustee, describe each</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">such affiliation. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">None.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">16.&#160;&#160;&#160;&#160;&#160;&#160; List of
Exhibits. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a&#8209;29 under
the Trust Indenture Act of 1939 (the &quot;Act&quot;).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the Organization Certificate of The Bank of New York Mellon (formerly known
as The Bank of New York, itself formerly Irving Trust Company) as now in
effect, which contains the authority to commence business and a grant of powers
to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form
T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form
T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
Registration Statement No. <br>
333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No.
333-152735).</font></p>


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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">3</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_4"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with
Registration Statement No. 333-229494).</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form
T-1 filed with Registration Statement No. 333-229519).&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the latest report of condition of the Trustee published pursuant to law or
to the requirements of its supervising or examining authority.</font></p>




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</div>
<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">SIGNATURE</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Pursuant
to the requirements of the Act, the trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 10th day of September, 2021.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</font></p>

<p style="margin-bottom:12.0pt;margin-left:238.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-22.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">By</font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">:&#160;
/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Leslie Morales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Name:&#160;&#160; Leslie Morales<br>
Title:&#160;&#160;&#160;&#160; Vice President</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

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<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"><p align="center" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1008px;position:absolute;width:624px;"><img height="29" src="ex251x4x0.gif" width="624"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</font></p>

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<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">of
240 Greenwich Street, New York, N.Y. 10286<br>
And Foreign and Domestic Subsidiaries,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">a
member of the Federal Reserve System, at the close of business June 30, 2021,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:19.8pt;page-break-inside:avoid;">
  <td valign="bottom" width="54%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">ASSETS</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Dollar
  amounts in thousands</font></p>
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Cash and
  balances due from depository institutions:</font></p>
  </td>
 <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing
  balances and currency and coin................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,418,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing
  balances..................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">142,659,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Securities:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Held-to-maturity
  securities.................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">52,321,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Available-for-sale
  debt securities........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">102,839,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Equity
  securities with readily determinable fair values not held for trading&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">67,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  sold and securities purchased under agreements to resell:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  sold in domestic offices................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  purchased under agreements to resell&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13,933,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and lease
  financing receivables:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for sale&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,525,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LESS: Allowance
  for loan and <br>
  lease losses&#8230;&#8230;&#8230;............................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">229,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment, net of allowance.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,296,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading assets......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,289,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Premises and
  fixed assets (including capitalized leases).................................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,938,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other real
  estate owned.......................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Investments in
  unconsolidated subsidiaries and associated companies........................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,603,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:25.9pt;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Direct and indirect investments in real
  estate ventures &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:right;text-indent:138.1pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Intangible
  assets&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">6,971,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,203,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8263568v.1</font></p>
  </td>
 <td width="46%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LIABILITIES<br>
  <br>
  </font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Deposits:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In
  domestic offices.............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">214,188,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">90,927,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">123,261,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In foreign
  offices, Edge and Agreement subsidiaries, and IBFs....................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">124,493,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">7,607,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">116,886,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  purchased and securities sold under agreements to repurchase:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  purchased in domestic offices&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;......... . </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  sold under agreements to</font></p>
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160; repurchase.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,801,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading
  liabilities.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,813,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other borrowed
  money:<br>
  (includes mortgage indebtedness and obligations under capitalized leases)&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">473,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Subordinated
  notes and debentures........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other
  liabilities....................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">8,793,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:.3in;">
  <td valign="top" width="54%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">355,561,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">EQUITY CAPITAL</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Perpetual
  preferred stock and related <br>
  surplus&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Common stock........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,135,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Surplus (exclude
  all surplus related to preferred stock)................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,690,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Retained
  earnings................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,688,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Accumulated
  other comprehensive income&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">-536,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other equity
  capital components&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total bank
  equity capital........................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noncontrolling
  (minority) interests in <br>
  consolidated subsidiaries &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total equity
  capital................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities and equity capital.......................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
</table></div>


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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">7</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_8"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">I, Emily </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Portney,
Chief Financial Officer of the above-named bank do hereby declare that this
Report of Condition is true and correct to the best of my knowledge and belief.</font></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:.5in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Emily Portney<br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We,
the undersigned directors, attest to the correctness of this statement of
resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:55.35pt;page-break-inside:avoid;">
  <td width="44%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="height:69px;margin-left:202px;margin-top:7px;position:absolute;width:20px;"><img height="69" src="ex251x6x0.gif" width="20"></font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Thomas P.
  Gibbons
  <br>
  Samuel C. Scott<br>
  Joseph J. Echevarria</font></p>
  </td>
 <td width="56%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p align="center" style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Directors</font></p>
  </td>
 </tr>
</table></div>



<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:.25in;padding:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

</div>


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.5
<SEQUENCE>11
<FILENAME>ex255.htm
<DESCRIPTION>EXHIBIT 25-5
<TEXT>
<html>

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    <meta content="text/html; charset=utf-8">





&nbsp;
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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1024px;position:absolute;width:576px;"><img height="29" src="ex251x0x0.gif" width="576"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">= = = = = = = = = = = = = = = = = = = = = = = = = = =
= = = = = = = = = = = = = = = = =<br>
<br>
</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.&#160; 20549<br>
<br>
FORM T-1</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">STATEMENT
OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">CHECK
IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON<br>
(Exact name of trustee as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">New
   York</font><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:normal;"><br>
  </font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">(Jurisdiction
  of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13-5160382<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">240
  Greenwich Street, New York, N.Y.<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">10286<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
RE CAPITAL TRUST III<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Delaware<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">83-6054672<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">c/o
  Everest Reinsurance Holdings, Inc.<br>
  100 Everest Way<br>
  Warren, New Jersey<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  07059<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Preferred
Securities<br>
(Title of the indenture securities)</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">=
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
= = =</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">8263410v.1</font></p>





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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_2"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following information as to the Trustee:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
and address of each examining or supervising authority to which it is subject.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="57%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:48.6pt;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Name</font></p>
  </td>
 <td width="43%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Address</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Superintendent
  of the Department of Financial Services of the State of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">One State Street, New
    York, N.Y.&#160;
  10004-1417, and Albany, N.Y. 12223</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Reserve
  Bank of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">33
    Liberty Street,
   New York, N.Y.&#160;
  10045</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Deposit
  Insurance Corporation</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">550
  17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, NW<br>
  Washington, D.C.&#160; 20429</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">The Clearing
  House Association L.L.C.</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">100
  Broad Street<br>
  New York, N.Y. 10004</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(b)</font></b><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; Whether it
is authorized to exercise corporate trust powers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Yes.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">If the obligor is
an affiliate of the trustee, describe each</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">such affiliation. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">None.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">16.&#160;&#160;&#160;&#160;&#160;&#160; List of
Exhibits. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a&#8209;29 under
the Trust Indenture Act of 1939 (the &quot;Act&quot;).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the Organization Certificate of The Bank of New York Mellon (formerly known
as The Bank of New York, itself formerly Irving Trust Company) as now in effect,
which contains the authority to commence business and a grant of powers to
exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form T-1
filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1
filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-152735).</font></p>


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</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with
Registration Statement No. 333-229494).</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form
T-1 filed with Registration Statement No. 333-229519).&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the latest report of condition of the Trustee published pursuant to law or
to the requirements of its supervising or examining authority.</font></p>




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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">SIGNATURE</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Pursuant
to the requirements of the Act, the trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 10th day of September, 2021.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</font></p>

<p style="margin-bottom:12.0pt;margin-left:238.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-22.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">By:&#160; </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Leslie Morales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Name:&#160;&#160; Leslie Morales<br>
Title:&#160;&#160;&#160;&#160; Vice President</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"><p align="center" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1008px;position:absolute;width:624px;"><img height="29" src="ex251x4x0.gif" width="624"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</font></p>

</div>


<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">of
240 Greenwich Street, New York, N.Y. 10286<br>
And Foreign and Domestic Subsidiaries,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">a
member of the Federal Reserve System, at the close of business June 30, 2021,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:19.8pt;page-break-inside:avoid;">
  <td valign="bottom" width="54%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">ASSETS</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Dollar
  amounts in thousands</font></p>
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Cash and
  balances due from depository institutions:</font></p>
  </td>
 <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing
  balances and currency and coin................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,418,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing
  balances..................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">142,659,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Securities:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Held-to-maturity
  securities.................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">52,321,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Available-for-sale
  debt securities........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">102,839,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Equity
  securities with readily determinable fair values not held for trading&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">67,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  sold and securities purchased under agreements to resell:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  sold in domestic offices................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  purchased under agreements to resell&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13,933,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and lease
  financing receivables:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for sale&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,525,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LESS: Allowance
  for loan and <br>
  lease losses&#8230;&#8230;&#8230;............................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">229,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment, net of allowance.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,296,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading assets......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,289,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Premises and
  fixed assets (including capitalized leases).................................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,938,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other real
  estate owned.......................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Investments in
  unconsolidated subsidiaries and associated companies........................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,603,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:25.9pt;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Direct and indirect investments in real
  estate ventures &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:right;text-indent:138.1pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Intangible
  assets&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">6,971,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,203,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8263568v.1</font></p>
  </td>
 <td width="46%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LIABILITIES<br>
  <br>
  </font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Deposits:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In
  domestic offices.............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">214,188,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">90,927,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">123,261,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In foreign
  offices, Edge and Agreement subsidiaries, and IBFs....................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">124,493,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">7,607,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">116,886,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  purchased and securities sold under agreements to repurchase:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  purchased in domestic offices&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;......... . </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  sold under agreements to</font></p>
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160; repurchase.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,801,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading
  liabilities.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,813,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other borrowed
  money:<br>
  (includes mortgage indebtedness and obligations under capitalized leases)&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">473,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Subordinated
  notes and debentures........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other
  liabilities....................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">8,793,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:.3in;">
  <td valign="top" width="54%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">355,561,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">EQUITY CAPITAL</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Perpetual
  preferred stock and related <br>
  surplus&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Common stock........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,135,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Surplus (exclude
  all surplus related to preferred stock)................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,690,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Retained
  earnings................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,688,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Accumulated
  other comprehensive income&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">-536,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other equity
  capital components&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total bank
  equity capital........................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noncontrolling
  (minority) interests in <br>
  consolidated subsidiaries &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total equity
  capital................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities and equity capital.......................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
</table></div>



<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">5</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_6"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
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<div bclheader="">


<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">I, Emily </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Portney,
Chief Financial Officer of the above-named bank do hereby declare that this
Report of Condition is true and correct to the best of my knowledge and belief.</font></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:.5in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Emily Portney<br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We,
the undersigned directors, attest to the correctness of this statement of
resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:55.35pt;page-break-inside:avoid;">
  <td width="44%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="height:69px;margin-left:202px;margin-top:7px;position:absolute;width:20px;"><img height="69" src="ex255x6x0.gif" width="20"></font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Thomas P.
  Gibbons
  <br>
  Samuel C. Scott<br>
  Joseph J. Echevarria</font></p>
  </td>
 <td width="56%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p align="center" style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Directors</font></p>
  </td>
 </tr>
</table></div>



<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:.25in;padding:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

</div>


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>




<div bclfooter="">

 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><a name="_Hlk82702926"></a><a name="_Hlk82702927"></a><font style="mso-bookmark:_Hlk82702926;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk82702927;"><font style="mso-bookmark:_Hlk82702926;">7</font></font><font style="mso-bookmark:_Hlk82702927;"><font style="mso-bookmark:_Hlk82702926;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font></font></font><font style="mso-bookmark:_Hlk82702927;"><font style="mso-bookmark:_Hlk82702926;"><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk82702926;">&nbsp;</font><font style="mso-bookmark:_Hlk82702927;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.6
<SEQUENCE>12
<FILENAME>ex256.htm
<DESCRIPTION>EXHIBIT 25-6
<TEXT>
<html>

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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1024px;position:absolute;width:576px;"><img height="29" src="ex251x0x0.gif" width="576"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">= = = = = = = = = = = = = = = = = = = = = = = = = = =
= = = = = = = = = = = = = = = = =<br>
<br>
</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.&#160; 20549<br>
<br>
FORM T-1</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">STATEMENT
OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">CHECK
IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON<br>
(Exact name of trustee as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">New
   York</font><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:normal;"><br>
  </font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">(Jurisdiction
  of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13-5160382<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">240
  Greenwich Street, New York, N.Y.<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">10286<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
RE GROUP, LTD.<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Bermuda<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">98-0365432<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Seon
  Place- 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, 141 Front Street<br>
  P.O. Box HM 845<br>
  Hamilton, HM 19, Bermuda<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  <br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Guarantees
of Preferred Securities of Everest Re Capital Trust III<br>
(Title of the indenture securities)</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">=
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
= = =</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">8263406v.1</font></p>





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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_2"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following information as to the Trustee:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
and address of each examining or supervising authority to which it is subject.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="57%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:48.6pt;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Name</font></p>
  </td>
 <td width="43%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Address</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Superintendent
  of the Department of Financial Services of the State of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">One State Street, New
    York, N.Y.&#160;
  10004-1417, and Albany, N.Y. 12223</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Reserve
  Bank of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">33
    Liberty Street,
   New York, N.Y.&#160;
  10045</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Deposit Insurance
  Corporation</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">550
  17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, NW<br>
  Washington, D.C.&#160; 20429</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">The Clearing
  House Association L.L.C.</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">100
  Broad Street<br>
  New York, N.Y. 10004</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(b)</font></b><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; Whether it
is authorized to exercise corporate trust powers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Yes.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">If the obligor is
an affiliate of the trustee, describe each</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">such affiliation. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">None.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">16.&#160;&#160;&#160;&#160;&#160;&#160; List of
Exhibits. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a&#8209;29 under
the Trust Indenture Act of 1939 (the &quot;Act&quot;).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the Organization Certificate of The Bank of New York Mellon (formerly known
as The Bank of New York, itself formerly Irving Trust Company) as now in
effect, which contains the authority to commence business and a grant of powers
to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form
T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form
T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-152735).</font></p>

</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_3"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with
Registration Statement No. 333-229494).</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form
T-1 filed with Registration Statement No. 333-229519).&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the latest report of condition of the Trustee published pursuant to law or
to the requirements of its supervising or examining authority.</font></p>





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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">3</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

</div>
</div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_4"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">SIGNATURE</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Pursuant
to the requirements of the Act, the trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 10th day of September, 2021.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</font></p>

<p style="margin-bottom:12.0pt;margin-left:238.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-22.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">By:&#160; </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Leslie Morales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Name:&#160;&#160; Leslie Morales<br>
Title:&#160;&#160;&#160;&#160; Vice President</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">

</div></div><hr noshade="" style="page-break-after: always" align="center" width="100%" size="2"><a name="page_5"></a><div bclpageborder="" style="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">


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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"><p align="center" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1008px;position:absolute;width:624px;"><img height="29" src="ex251x4x0.gif" width="624"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</font></p>

</div>


<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">of
240 Greenwich Street, New York, N.Y. 10286<br>
And Foreign and Domestic Subsidiaries,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">a
member of the Federal Reserve System, at the close of business June 30, 2021,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:19.8pt;page-break-inside:avoid;">
  <td valign="bottom" width="54%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">ASSETS</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Dollar
  amounts in thousands</font></p>
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Cash and
  balances due from depository institutions:</font></p>
  </td>
 <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing
  balances and currency and coin................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,418,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing
  balances..................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">142,659,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Securities:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Held-to-maturity
  securities.................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">52,321,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Available-for-sale
  debt securities........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">102,839,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Equity
  securities with readily determinable fair values not held for trading&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">67,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  sold and securities purchased under agreements to resell:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  sold in domestic offices................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  purchased under agreements to resell&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13,933,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and lease
  financing receivables:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for sale&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,525,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LESS: Allowance
  for loan and <br>
  lease losses&#8230;&#8230;&#8230;............................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">229,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment, net of allowance.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,296,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading assets......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,289,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Premises and
  fixed assets (including capitalized leases).................................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,938,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other real
  estate owned.......................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Investments in
  unconsolidated subsidiaries and associated companies........................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,603,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:25.9pt;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Direct and indirect investments in real
  estate ventures &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:right;text-indent:138.1pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Intangible
  assets&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">6,971,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,203,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8263568v.1</font></p>
  </td>
 <td width="46%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LIABILITIES<br>
  <br>
  </font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Deposits:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In
  domestic offices.............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">214,188,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">90,927,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">123,261,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In foreign
  offices, Edge and Agreement subsidiaries, and IBFs....................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">124,493,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">7,607,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">116,886,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  purchased and securities sold under agreements to repurchase:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  purchased in domestic offices&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;......... . </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  sold under agreements to</font></p>
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160; repurchase.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,801,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading
  liabilities.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,813,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other borrowed
  money:<br>
  (includes mortgage indebtedness and obligations under capitalized leases)&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">473,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Subordinated
  notes and debentures........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other
  liabilities....................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">8,793,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:.3in;">
  <td valign="top" width="54%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">355,561,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">EQUITY CAPITAL</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Perpetual
  preferred stock and related <br>
  surplus&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Common stock........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,135,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Surplus (exclude
  all surplus related to preferred stock)................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,690,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Retained
  earnings................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,688,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Accumulated
  other comprehensive income&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">-536,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other equity
  capital components&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total bank
  equity capital........................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noncontrolling
  (minority) interests in <br>
  consolidated subsidiaries &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total equity
  capital................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities and equity capital.......................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
</table></div>



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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">I, Emily </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Portney,
Chief Financial Officer of the above-named bank do hereby declare that this
Report of Condition is true and correct to the best of my knowledge and belief.</font></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:.5in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Emily Portney<br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We,
the undersigned directors, attest to the correctness of this statement of
resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
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  Gibbons
  <br>
  Samuel C. Scott<br>
  Joseph J. Echevarria</font></p>
  </td>
 <td width="56%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
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<DOCUMENT>
<TYPE>EX-25.7
<SEQUENCE>13
<FILENAME>ex257.htm
<DESCRIPTION>EXHIBIT 25-7
<TEXT>
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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1024px;position:absolute;width:576px;"><img height="29" src="ex251x0x0.gif" width="576"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">= = = = = = = = = = = = = = = = = = = = = = = = = = =
= = = = = = = = = = = = = = = = =<br>
<br>
</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.&#160; 20549<br>
<br>
FORM T-1</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">STATEMENT
OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">CHECK
IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION
305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON<br>
(Exact name of trustee as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">New
   York</font><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:normal;"><br>
  </font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">(Jurisdiction
  of incorporation<br>
  if not a U.S. national bank)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13-5160382<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">240
  Greenwich Street, New York, N.Y.<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">10286<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">EVEREST
REINSURANCE HOLDINGS, INC.<br>
(Exact name of obligor as specified in its charter)</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border:none;border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Delaware<br>
  (State or other jurisdiction of<br>
  incorporation or organization)</font></p>
  </td>
 <td valign="top" width="34%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:7.5pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">22-3263609<br>
  (I.R.S. employer<br>
  identification no.)</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="66%" style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  100 Everest Way<br>
  Warren, New Jersey<br>
  (Address of principal executive offices)</font></p>
  </td>
 <td valign="top" width="34%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;"><br>
  <br>
  07059<br>
  (Zip code)</font></p>
  </td>
 </tr>
</table></div>



<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">___________________________</font></u></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Guarantees
of Preferred Securities of Everest Re Capital Trust III<br>
(Title of the indenture securities)</font></p>

<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">=
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
= = =</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:9.0pt;line-height:normal;">8263404v.1</font></p>





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 <p align="center" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;">1</font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:12.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:10.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-bidi-font-size:11.0pt;mso-bidi-language:TH;mso-fareast-font-family:Times New Roman;mso-fareast-language:ZH-CN;">&nbsp;</font><font face="Times New Roman,serif" style="mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-bidi-theme-font:minor-bidi;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;">&nbsp;</font></p>

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General
information.&#160; Furnish the following information as to the Trustee:</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
and address of each examining or supervising authority to which it is subject.</font></b></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td width="57%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:48.6pt;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Name</font></p>
  </td>
 <td width="43%" style="border-bottom:dashed windowtext 1.0pt;border-left:none;border-right:none;border-top:dashed windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="center" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Address</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Superintendent
  of the Department of Financial Services of the State of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">One State Street, New
    York, N.Y.&#160;
  10004-1417, and Albany, N.Y. 12223</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Reserve
  Bank of New York</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">33
    Liberty Street,
   New York, N.Y.&#160;
  10045</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal Deposit Insurance
  Corporation</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">550
  17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, NW<br>
  Washington, D.C.&#160; 20429</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign="top" width="57%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:31.5pt;margin-right:.3in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">The Clearing
  House Association L.L.C.</font></p>
  </td>
 <td valign="top" width="43%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">100
  Broad Street<br>
  New York, N.Y. 10004</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">(b)</font></b><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; Whether it
is authorized to exercise corporate trust powers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Yes.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Affiliations
with Obligor.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">If the obligor is
an affiliate of the trustee, describe each</font></b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;"> </font><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">such affiliation. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">None.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">16.&#160;&#160;&#160;&#160;&#160;&#160; List of
Exhibits. </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Exhibits
identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule 7a&#8209;29 under
the Trust Indenture Act of 1939 (the &quot;Act&quot;).</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the Organization Certificate of The Bank of New York Mellon (formerly known
as The Bank of New York, itself formerly Irving Trust Company) as now in
effect, which contains the authority to commence business and a grant of powers
to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form
T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form
T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed
with Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
Registration Statement No. 333-152735).</font></p>


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</div>
<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the existing By-laws of the Trustee (Exhibit 4 to Form T-1 filed with
Registration Statement No. 333-229494).</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Form
T-1 filed with Registration Statement No. 333-229519).&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A copy
of the latest report of condition of the Trustee published pursuant to law or
to the requirements of its supervising or examining authority.</font></p>





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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


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<p align="center" style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">SIGNATURE</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Pursuant
to the requirements of the Act, the trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of New York, and State
of New York, on the 10th day of September, 2021.</font></p>

<p style="margin-bottom:24.0pt;margin-left:3.0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</font></p>

<p style="margin-bottom:12.0pt;margin-left:238.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-22.5pt;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">By:&#160; </font><u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Leslie Morales &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Name:&#160;&#160; Leslie Morales<br>
Title:&#160;&#160;&#160;&#160; Vice President</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"><p align="center" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font style="height:29px;left:0px;margin-left:0px;margin-top:1008px;position:absolute;width:624px;"><img height="29" src="ex251x4x0.gif" width="624"></font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</font></p>

</div>


<p align="center" style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">THE
BANK OF NEW YORK MELLON</font></p>

<p align="center" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">of
240 Greenwich Street, New York, N.Y. 10286<br>
And Foreign and Domestic Subsidiaries,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">a
member of the Federal Reserve System, at the close of business June 30, 2021,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:19.8pt;page-break-inside:avoid;">
  <td valign="bottom" width="54%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">ASSETS</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:26.1pt;margin-top:0in;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.8pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Dollar
  amounts in thousands</font></p>
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Cash and
  balances due from depository institutions:</font></p>
  </td>
 <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing
  balances and currency and coin................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,418,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing
  balances..................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">142,659,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Securities:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Held-to-maturity
  securities.................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">52,321,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Available-for-sale
  debt securities........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">102,839,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Equity
  securities with readily determinable fair values not held for trading&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">67,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  sold and securities purchased under agreements to resell:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  sold in domestic offices................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  purchased under agreements to resell&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">13,933,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and lease
  financing receivables:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for sale&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,525,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LESS: Allowance
  for loan and <br>
  lease losses&#8230;&#8230;&#8230;............................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">229,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Loans and leases
  held for investment, net of allowance.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">29,296,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading assets......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,289,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Premises and
  fixed assets (including capitalized leases).................................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,938,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other real
  estate owned.......................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Investments in
  unconsolidated subsidiaries and associated companies........................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,603,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:25.9pt;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Direct and indirect investments in real
  estate ventures &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:right;text-indent:138.1pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Intangible
  assets&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">6,971,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,203,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total assets............................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign="top" width="54%" style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8263568v.1</font></p>
  </td>
 <td width="46%" style="border:none;padding:0in 0in 0in 0in;"><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">LIABILITIES<br>
  <br>
  </font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Deposits:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;page-break-after:avoid;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In
  domestic offices.............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">214,188,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">90,927,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">123,261,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">In foreign
  offices, Edge and Agreement subsidiaries, and IBFs....................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">124,493,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noninterest-bearing............................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">7,607,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Interest-bearing.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">116,886,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:.25in;margin-right:26.1pt;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Federal funds
  purchased and securities sold under agreements to repurchase:</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Federal funds
  purchased in domestic offices&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;......... . </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160; Securities
  sold under agreements to</font></p>
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160; repurchase.......................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">4,801,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Trading
  liabilities.................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">2,813,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other borrowed
  money:<br>
  (includes mortgage indebtedness and obligations under capitalized leases)&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">473,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Not applicable</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Subordinated
  notes and debentures........................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other
  liabilities....................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">8,793,000</font></p>
  </div>

  </td>
 </tr>
<tr style="height:.3in;">
  <td valign="top" width="54%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:.3in;padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">355,561,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><b><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">EQUITY CAPITAL</font></b></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Perpetual
  preferred stock and related <br>
  surplus&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Common stock........................................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">1,135,000</font></p>
  </td>
 </tr>
<tr style="height:23.85pt;">
  <td valign="top" width="54%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Surplus (exclude
  all surplus related to preferred stock)................................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="height:23.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">11,690,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Retained
  earnings................................................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">16,688,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Accumulated
  other comprehensive income&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">-536,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Other equity
  capital components&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total bank
  equity capital........................................ </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:0pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Noncontrolling
  (minority) interests in <br>
  consolidated subsidiaries &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p align="right" style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total equity
  capital................................................. </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">28,977,000</font></p>
  </div>

  </td>
 </tr>
<tr>
  <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:9.0pt;margin-right:26.1pt;margin-top:0in;text-indent:-9.0pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Total
  liabilities and equity capital.......................... </font></p>
  </td>
 <td valign="bottom" width="46%" style="padding:0in 5.4pt 0in 5.4pt;">
<div style="border:none;border-bottom:double windowtext 2.25pt;margin-left:116.1pt;margin-right:0in;padding:0in 0in 1.0pt 0in;">
  <p align="right" style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:right;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">384,538,000</font></p>
  </div>

  </td>
 </tr>
</table></div>



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<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-line-height-rule:exactly;mso-margin-bottom-alt:8.0pt;mso-margin-top-alt:0in;mso-pagination:widow-orphan no-line-numbers;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>


</div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-align:justify;text-indent:.5in;"><font color="white" face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">I, Emily </font><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Portney,
Chief Financial Officer of the above-named bank do hereby declare that this
Report of Condition is true and correct to the best of my knowledge and belief.</font></p>

<p align="right" style="margin-bottom:12.0pt;margin-left:0in;margin-right:.5in;margin-top:0in;page-break-after:avoid;text-align:right;text-indent:1.0in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">Emily Portney<br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">We,
the undersigned directors, attest to the correctness of this statement of
resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.</font></p>

<div align="left"><table cellpadding="0" cellspacing="0" border="0" style="border-collapse:collapse;width:100%;">
 <tr style="height:55.35pt;page-break-inside:avoid;">
  <td width="44%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="height:69px;margin-left:202px;margin-top:7px;position:absolute;width:20px;"><img height="69" src="ex251x6x0.gif" width="20"></font><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Thomas P.
  Gibbons
  <br>
  Samuel C. Scott<br>
  Joseph J. Echevarria</font></p>
  </td>
 <td width="56%" style="height:55.35pt;padding:0in 1.8pt 0in 1.8pt;">
  <p align="center" style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:12.0pt;line-height:normal;">Directors</font></p>
  </td>
 </tr>
</table></div>



<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:.25in;padding:0in;text-align:justify;"><font face="Times New Roman,serif" lang="EN-US" style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Calibri,sans-serif" lang="EN-US" style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>




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end
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</SEC-DOCUMENT>
